As Inflation Soars, Central Banks Scramble to Lift Rates

FRANKFURT — Europe’s central banks signaled growing concern about soaring inflation and a determination to quench it by raising interest rates, a policy shift that creates risks for investors and the world economy.

The hawkish moves in Europe reflect a growing appreciation among policy makers that inflation will not come down as quickly as they had hoped. It echoes a similar shift in the US, where Federal Reserve Chairman Jerome Powell signaled last week that the US central bank would begin steadily raising interest rates in mid-March.