OECD: Central banks should continue to hike rates

Fight to bring inflation down

The OECD has called on central banks to continue raising rates in a bid to lower inflation in the medium- to long-term.

In its updated economic outlook, the organisation forecast global growth to reach 2.6% in 2023 and 2.9% in 2024 amid improved business and consumer confidence, the decline of food and energy prices and the re-opening of the Chinese economy. But it warned monetary policy "needs to stay the course", at least until there are clear signs that "underlying inflationary pressures are lowered durably". ECB hike contains 'dovish shift' as bank instability fears remain The OECD expects headline inflation to gradually come down throughout 2023 in most G20 countries - from 8.1% in 2022 to 5.9%...