On friday, the r b i raised the report rate for the third time since april. It has now shot up from a 20 year low of four % to five point 4%. So why is the central bank in such a hurry to increase rates, you ask? Well, they're fighting an uphill battle against inflation. They're expecting a steep increase in prices, and they believe that this price rise will top at six point seven % this year. And they want to use interest rates to contain inflation at this level.
In today's episode for 8th August 2022, we see why central banks are being accused of acting too late in their battle against inflation.
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