But there are several countries that started raising rates in mid to late-2021 and it did little to nothing to curtail their inflation. These countries started raising rates in:
May 2021:
Iceland: currently at 9.3% inflation, slightly down from their 9.9% peak.
June 2021:
Mexico: currently at 8.7% inflation which is their peak.
August 2021:
South Korea: currently at 5.6% inflation, down from their July peak of 6.3%.
Czech Republic: currently at 18% inflation
September 2021:
Norway: currently at 6.9% inflation which is their peak.
October 2021:
New Zealand: currently at peak inflation of 7.3%
Poland: currently at peak inflation of 17.2%
I mean, is there a single instance of an industrialized country raising rates in 2021 and then largely escaping inflation pressures? I can't think of any. The ones that have maintained relatively low inflation are also countries which have suffered from deflation risks in recent years/decades and had (or have in some cases) negative interest rates until very recently.
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