As economy slows, major central banks prioritise combating inflation

The European Central Bank, the most recent major central bank to put controlling inflation ahead of a faltering economy, increased its benchmark interest rate by an extraordinary 75 basis points on Thursday and indicated additional increases.

This week, rates were also raised in Canada and Australia. Japan, the only one of the ten major industrialised economies that has not raised rates this cycle, is the holdout.

The following central banks have lifted rates by a combined total of 1,615 basis points so far this cycle.