Global inflation is experiencing a renewed upward tick driven by recent energy price spikes from the Iran war and supply chain pressures, among other challenges to keeping prices low. After years of postpandemic inflation cooling, central banks across the world have recently raised rates, and some analysts predict the Federal Reserve could do the same, despite pressure against it from President Donald Trump.

It’s no academic exercise. Interest rates make borrowing money more expensive. For everyday life, this means higher monthly payments for mortgages, car loans, and credit cards.