Can central banks curb inflation as energy costs rise?

Central banks, including the U.S. Federal Reserve, the European Central Bank, and the Bank of England, are keeping interest rates steady despite rising energy, fuel, and food costs. The impact of the energy shock, triggered by the U.S.-Israel war on Iran, will be felt most in emerging markets and developing nations. The International Monetary Fund warns of a global economic slowdown, leaving central banks with a tough choice between fighting inflation and supporting a weakening economy.