Inflation has been the story of the week, with central banks around the world finally making moves to rein in soaring price levels. The US Federal Reserve announced its first rate hike since 2018, raising the interest rate by a quarter of a percentage point. US consumer prices in February rose by their fastest rate since 1982. In response, the US central bank to take drastic action, with chair Jerome Powell saying he expects to raise rates six more times this year.

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