# ECB begins hiking rates to fight inflation surge

Date: 2022

Following the start of the [COVID-19 pandemic](/drivers/covid-19-pandemic) in 2020, a worldwide surge in inflation began in mid-2021 and lasted until mid-2022. Many countries saw their highest inflation rates in decades. It has been attributed to various causes, including pandemic-related economic dislocation, supply chain disruptions, the fiscal and monetary stimulus provided in 2020 and 2021 by governments and central banks around the world in response to the pandemic, and price gouging.

## Sources

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## Methodology

https://factrail.ai/methodology

Canonical: https://factrail.ai/facts/ecb-raises-rates-to-fight-inflation-2022-07