![]() In turn, many emerging market (EM) central banks have been hiking, and some of them, such as Russia and Chile quite aggressively. According to our estimates, global inflation rose by 4.2% y-o-y in September, which is almost double the 2.2% average rate experienced in the five years prior to Covid-19 and well above most central banks’ mid-level inflation targets. ![]() Global inflation will pose a policy challenge for central bankers as it continues to head higher, although not at the same pace as a few months ago. We forecast that most emerging market central banks will continue to hike their key policy rates in 2022.
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