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The idea that central banks have rediscovered their mojo is not borne out by the diverging policies on rates they are making
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Phillip Inman looks at how the response of central banks across the developed world differs - noting that the current circumstances have seen different monetary responses.
Yes, the war in Ukraine has triggered a significant rise in inflation but conditions across the developed world differ. In some, it is simply food and energy prices driving inflation and in the EU and Japan, the monetary response hasn't been as forthright as in the US and the UK.
Hopefully, this might get you thinking about why that's the case. I'm going to stick my neck out and suggest that in the case of the UK, Brexit has also driven up prices and led to labour shortages, neither of which are temporary, And that's led the Bank of England to raise interest rates - not so much to affect these costs but as a precautionary response to signal its willingness to further raise rates if inflation gets baked in to wage negotiations.