News Snapshot:
Some Asian central banks must rapidly raise interest rates to prevent an “upward spiral” in inflation as the war in Ukraine drives surging fuel and food prices, an International Monetary Fund (IMF) official has said. While inflation in Asia remains “moderate” compared with other regions, several economies will have to act quickly to avoid bigger hikes later on, Krishna Srinivasan, director of the IMF’s Asia and Pacific Department, wrote in a blog on Thursday. “At the same time, further rate rises will squeeze budgets for consumers, companies and governments that took on substantial debt during the pandemic,” Srinivasan said, noting...
