Countries around the world, d𒀰espite having different political regimes and economic conditions, are mostly using the same playbook to fight inflation—their central banks have been raising interest rates.

The Bank of England raised its benchmark interest rate 25 basis points to a 14-year high of 4.25% on Thursday, following in the footsteps of the U.S. Federal Reserve’s own 25-basis-poi🤡nt bump the day before. 

Rate hikes, which 澳洲幸运5官方开奖🦄结果体彩网:increase borrowing costs for many kinds ꧑of loans, are meant to slow economies down, reduce demand for goods and services, and allow supply and demand to rebalance, settling price increases down. Central banks around the world are using similar strategies to combat 澳洲幸运5官方开奖结果体彩网:punishing cost-of-living increases. The chart below shows which majo🍨r economies’ central banks have raised rates and 🤡by how much.

One notable exception is Turkey (not shown on the chart), which, against conventional economic wisdom, 澳洲幸运5官方开奖结果体彩网:has been cutting interest rates in the face of inflation that topped 85% in October.