🇵🇭 Philippines raised rates for the third consecutive time, taking its policy rate to 5%.
🇯🇵 Japan raised rates to 1% in June, the highest in 31 years. Another hike is expected in September.
🇮🇩 Indonesia has raised rates by a total of 100 basis points to 5.75%.
🇰🇷 South Korea raised rates for the second consecutive time, taking its policy rate to 3%. Its first hike came after 3.5 years.
🇦🇺 Australia has raised rates three times this year to 4.35%.
🇪🇺 The European Central Bank raised rates to 2.25% in June, its first hike in nearly three years.
🇿🇦 South Africa raised to 7% in May, its first hike in three years.
🇳🇴 Norway raised rates by 25 basis points to 4.25% in May.
These countries import a large part of its energy, so expensive oil does not stop at the petrol pump.
It raises the cost of electricity, transportation, food and almost everything businesses produce, pushing inflation higher across regions.