Asian Central Banks Unlikely to Unwind Rate Hikes in a Rush

Dow Jones07-07

0828 GMT - Central banks in Asia are unlikely to rush to unwind recent rate hikes, given rising El Nino risks to food inflation, Capital Economics' Gareth Leather says in a note. Central banks responded aggressively to the earlier surge in energy prices, with many hiking interest rates at least once. While the subsequent decline in energy prices has reduced the urgency for central banks to further tighten policy, El Nino conditions could keep them cautious. The impact from El Nino could be more significant than the energy shock, as food carries a larger weight in Asian consumer price baskets than energy. Capital Economics continues to expect India, Pakistan and South Korea to further tighten monetary policy over the coming months. (amanda.lee@wsj.com)

(END) Dow Jones Newswires

July 07, 2026 04:28 ET (08:28 GMT)

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The impact from El Nino could be more significant than the energy shock, as food carries a larger weight in Asian consumer price baskets than energy. Capital Economics continues to expect India, Pakistan and South Korea to further tighten monetary policy over the coming months. 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The impact from El Nino could be more significant than the energy shock, as food carries a larger weight in Asian consumer price baskets than energy. Capital Economics continues to expect India, Pakistan and South Korea to further tighten monetary policy over the coming months. 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