The world’s central banks are again trying to strike major blows in their fights against inflation, with policymakers in Canada, the U.S., Europe and Australia all lifting rates in recent days – or preparing to. Thus far, repeated rate hikes of one-half or even three-quarters of a percentage point have had done little to slow the soaring price of consumer goods in their economies.

As a result of this persistently high inflation, the issue has become the most important one on American voters’ minds as they head to the polls for the midterm elections next week. It’s one of the main factors explaining Republicans’ rise in the polls as Election Day draws closer.

There’s only one problem: No matter whom voters choose, inflation in the U.S. will likely stay high for some to come, writes William Chittenden, an associate professor of finance at Texas State University. Why? For the same reason centrals banks have been having so much difficulty taming inflation.

Bryan Keogh

Deputy Managing Editor, The Conversation US

Why inflation will likely stay sky-high regardless of which party wins the midterms

William Chittenden, Texas State University

Many voters say inflation is the issue that matters to them most as they head to the polls. The problem is, the people they choose can’t do much about it.

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