Big rate hikes to be the global norm as inflation remains a challenge

With no end in sight to Russia's invasion of Ukraine, commodity prices remain elevated and supply chains remain disrupted

On June 8, the six-member Monetary Policy Committee of the Reserve Bank of India unanimously decided to raise the repo rate by 50 basis points. This followed an off-cycle rate hike of 40 basis points, taking the overall rate hike to 90 bps rate hike in just a span of a little over a month, as inflation emerged as the biggest challenge facing central banks and governments around the world.

Days later, on June 16, The United States Federal Reserve raised its own interest rates by 75 bps, the biggest rate hike since 1994. The same day, The Bank of