Officials in some countries started cutting rates last year, but others, including those in Europe and the United States, have taken a more cautious approach.

Taiwan’s central bank held rates steady with a watchful eye on inflation, declining to join the Federal Reserve and a growing number of its Asian counterparts in starting to ease monetary policy.

Russia’s central bank has raised its key interest rate by a full percentage point to 19% to combat high inflation as government spending on the military strains the economy’s capacity to produce goods

Russia's central bank unexpectedly raised its benchmark interest rate by 100 basis points to 19% on Friday, saying that inflation remained stubbornly high and action was needed to reduce it.

Canadian inflation matched the central bank’s target last month for the first time in more than three years, smoothing the road for further cuts in interest rates.

With inflation subsiding, the European Central Bank is cutting its benchmark interest rate to prop up tepid growth with lower borrowing costs for companies and home buyers.

The Russian central bank, striving to combat inflation, has raised interest rates to 19 percent. According to AFP, inflationary pressure is increasing due to public spending intended to support the offensive in Ukraine.

The Russian central bank, attempting to combat inflation, has raised interest rates to 19 per cent. Inflationary pressure is heightened by public spending intended to support the offensive in Ukraine,