Prices of food, energy and most other things have been rising sharply. Part of that is the impact of the war in Ukraine and part is a rise in consumer spending as COVID-19 restrictions ease.

By raising rates, central banks seek to control inflation by making it more expensive to borrow money. But it's a tough balancing act – especially in a tough economy. Higher rates on mortgages and loans tend to hurt consumers and businesses, raising the risks of slower economic growth and recession. 

How high will rates go and how bad could the impact be? Listen to Ms. Nesvetailova to find out.