Global Inflation Soars, Rates Rise

Inflation rates are steadily increasing all around the world prompting central banks to raise interest rates in an attempt to keep inflation in check. Left unchecked, inflation can lead to a recession, further damaging the fragile global economy. Low-income individuals are significantly affected, as they spend a more significant portion of their budget on necessities and will face higher costs. The Federal Reserve and the European Central Bank have both raised their rates in anticipation of inflation, and the Bank of England recently surprised investors with their rate increase.