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Central Banks Should Press Ahead With Rate Rises Despite Bank Pains, Says OECD

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Western central banks should keep raising interest rates to tame high inflation, a leading research body said on Friday, as fresh data showed wages in the eurozone rose at the fastest pace on record late last year.The news underlines how concerns about inflation persist despite market expectations that mounting strains in the banking system could lead central banks to pause their interest rate rises.In its first report on the outlook for the global economy this year, the Organization for Economic Cooperation and Development raised its forecasts for growth for the first time since Russia’s invasion of Ukraine just over a year ago but said inflation remains too high, with prices of services in particular proving sticky. 

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