In June 2025, global inflation rates and central bank interest rates showed significant variation across major economies. Most economies initiated interest rate cuts from mid-2024 due to declining inflationary pressures. The U.S., UK, and EU central banks followed a consistent pattern of regular rate reductions throughout late 2024. In the first half of 2025, Russia maintained the highest interest rate at 20 percent, while Japan retained the lowest at 0.5 percent. Varied inflation rates across major economies The inflation landscape varies considerably among major economies. China had the lowest inflation rate at 0.1 percent in June 2025. In contrast, Russia maintained a high inflation rate of 9.4 percent. These figures align with broader trends observed in early 2025, where China had the lowest inflation rate among major developed and emerging economies, while Russia's rate remained the highest. Central bank responses and economic indicators Central banks globally implemented aggressive rate hikes throughout 2022-23 to combat inflation. The European Central Bank exemplified this trend, raising rates from 0 percent in January 2022 to 4.5 percent by September 2023. A coordinated shift among major central banks began in mid-2024, with the ECB, Bank of England, and Federal Reserve initiating rate cuts, with forecasts suggesting further cuts through 2025 and 2026.

Graph and download economic data for 90-Day AA Financial Commercial Paper Interest Rate (RIFSPPFAAD90NB) from 1997-01-02 to 2025-08-13 about AA, commercial paper, 3-month, financial, commercial, interest rate, interest, rate, and USA.

This table contains 12 series, with data starting from 1954 (not all combinations necessarily have data for all years). This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: United States); Rates (12 items: Federal Reserve Bank of New York - discount rate; Prime rate charged by banks; Federal funds rate;Commercial paper, adjusted: 1 month; ...).

This data package includes the underlying data and files to replicate the calculations, charts, and tables presented in Public Debt and Low Interest Rates, PIIE Working Paper 19-4. If you use the data, please cite as: Blanchard, Olivier. (2019). Public Debt and Low Interest Rates. PIIE Working Paper 19-4. Peterson Institute for International Economics.

Graph and download economic data for 60-Day AA Nonfinancial Commercial Paper Interest Rate (WCPN2M) from 1997-01-03 to 2025-08-08 about AA, commercial paper, nonfinancial, commercial, interest rate, interest, rate, and USA.

The benchmark interest rate in Indonesia was last recorded at 5.25 percent. This dataset provides - Indonesia Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The U.S. federal funds rate peaked in 2023 at its highest level since the 2007-08 financial crisis, reaching 5.33 percent by December 2023. A significant shift in monetary policy occurred in the second half of 2024, with the Federal Reserve implementing regular rate cuts. By December 2024, the rate had declined to 4.48 percent. What is a central bank rate? The federal funds rate determines the cost of overnight borrowing between banks, allowing them to maintain necessary cash reserves and ensure financial system liquidity. When this rate rises, banks become more inclined to hold rather than lend money, reducing the money supply. While this decreased lending slows economic activity, it helps control inflation by limiting the circulation of money in the economy. Historic perspective The federal funds rate historically follows cyclical patterns, falling during recessions and gradually rising during economic recoveries. Some central banks, notably the European Central Bank, went beyond traditional monetary policy by implementing both aggressive asset purchases and negative interest rates.

Graph and download economic data for 30-Day AA Financial Commercial Paper Interest Rate (DCPF1M) from 1997-01-02 to 2025-08-06 about AA, 1-month, commercial paper, financial, commercial, interest rate, interest, rate, and USA.

The enduring discourse regarding the effectiveness of interest rate policy in mitigating inflation within developing economies is characterized by the interplay of structural and supply-side determinants. Moreover, extant academic literature fails to resolve the direction of causality between inflation and interest rates. Nevertheless, the prevalent adoption of interest rate-based monetary policies in numerous developing economies raises a fundamental inquiry: What motivates central banks in these nations to consistently espouse this strategy? To address this inquiry, our study leverages wavelet transformation to dissect interest rate and inflation data across a spectrum of frequency scales. This innovative methodology paves the way for a meticulous exploration of the intricate causal interplay between these pivotal macroeconomic variables for twenty-two developing economies using monthly data from 1992 to 2022. Traditional literature on causality tends to focus on short- and long-run timescales, yet our study posits that numerous uncharted time and frequency scales exist between these extremes. These intermediate scales may wield substantial influence over the causal relationship and its direction. Our research thus extends the boundaries of existing causality literature and presents fresh insights into the complexities of monetary policy in developing economies. Traditional wisdom suggests that central banks should raise interest rates to combat inflation. However, our study uncovers a contrasting reality in developing economies. It demonstrates a positive causal link between the policy rate and inflation, where an increase in the central bank’s interest rates leads to an upsurge in price levels. Paradoxically, in response to escalating prices, the central bank continues to heighten the policy rate, thereby perpetuating this cyclical pattern. Given this observed positive causal relationship in developing economies, central banks must explore structural and supply-side factors to break this cycle and regain control over inflation.

The benchmark interest rate in Pakistan was last recorded at 11 percent. This dataset provides - Pakistan Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

This table contains 39 series, with data for starting from 1991 (not all combinations necessarily have data for all years). This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: Canada); Financial market statistics (39 items: Government of Canada Treasury Bills, 1-month (composite rates); Government of Canada Treasury Bills, 2-month (composite rates); Government of Canada Treasury Bills, 3-month (composite rates);Government of Canada Treasury Bills, 6-month (composite rates); ...).

The benchmark interest rate in Philippines was last recorded at 5.25 percent. This dataset provides the latest reported value for - Philippines Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

United States - 7-Day AA Nonfinancial Commercial Paper Interest Rate was 4.32% in August of 2025, according to the United States Federal Reserve. Historically, United States - 7-Day AA Nonfinancial Commercial Paper Interest Rate reached a record high of 6.85 in June of 2000 and a record low of 0.01 in October of 2013. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - 7-Day AA Nonfinancial Commercial Paper Interest Rate - last updated from the United States Federal Reserve on August of 2025.

The benchmark interest rate in Poland was last recorded at 5 percent. This dataset provides - Poland Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Graph and download economic data for 30-Day AA Nonfinancial Commercial Paper Interest Rate (DCPN30) from 1997-01-02 to 2025-08-11 about AA, 1-month, commercial paper, nonfinancial, commercial, interest rate, interest, rate, and USA.

This spreadsheet contains data downloaded from the European Central Bank website: https://sdw.ecb.europa.eu/intelligentsearch/

The columns of data in this spreadsheet were chosen by John Simister, for a paper submitted to 'SN Busines & Economics' journal in April 2023, written by John Simister and Dimitrios Syrrakos.

The data in this spreadsheet are made available to the public by the European Central Bank: https://www.ecb.europa.eu/services/using-our-site/disclaimer/html/index.en.html

United States - 30-Day AA Asset-Backed Commercial Paper Interest Rate was 4.39% in August of 2025, according to the United States Federal Reserve. Historically, United States - 30-Day AA Asset-Backed Commercial Paper Interest Rate reached a record high of 6.49 in January of 2001 and a record low of 0.05 in June of 2021. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - 30-Day AA Asset-Backed Commercial Paper Interest Rate - last updated from the United States Federal Reserve on August of 2025.

Taiwan Commercial Paper Rate: Secondary Market: 31 to 90 Days data was reported at 0.520 % pa in Sep 2018. This stayed constant from the previous number of 0.520 % pa for Aug 2018. Taiwan Commercial Paper Rate: Secondary Market: 31 to 90 Days data is updated monthly, averaging 4.040 % pa from Nov 1980 (Median) to Sep 2018, with 455 observations. The data reached an all-time high of 20.200 % pa in Jul 1981 and a record low of 0.160 % pa in Jul 2009. Taiwan Commercial Paper Rate: Secondary Market: 31 to 90 Days data remains active status in CEIC and is reported by Central Bank of the Republic of China. The data is categorized under Global Database’s Taiwan – Table TW.M004: Money Market Interest Rates.

ABSTRACT This paper investigates the drivers of long term real interest rates in Brazil. It is shown that long term yield on inflation linked bonds are driven by yields on 10 year interest rates of United States (US) government bonds and 10 year risk premium, as measured by the Credit Default Swap (CDS). Long term interest rates in Brazil were on a downward trend, following US real rates and stable risk premium, until the taper tantrum in the first half of 2013. From then onwards, real interest rates rose due to the increase in US real rates in anticipation of the beginning of monetary policy normalization and, more recently, due to a sharp increase in Brazilian risk premium. Policy interest rates do not significantly affect long term real interest rates.

Taiwan Commercial Paper Rate: Secondary Market: 1 to 30 Days data was reported at 0.490 % pa in Oct 2018. This records an increase from the previous number of 0.480 % pa for Sep 2018. Taiwan Commercial Paper Rate: Secondary Market: 1 to 30 Days data is updated monthly, averaging 3.995 % pa from Nov 1980 (Median) to Oct 2018, with 456 observations. The data reached an all-time high of 19.940 % pa in Jul 1981 and a record low of 0.150 % pa in Jul 2009. Taiwan Commercial Paper Rate: Secondary Market: 1 to 30 Days data remains active status in CEIC and is reported by Central Bank of the Republic of China. The data is categorized under Global Database’s Taiwan – Table TW.M004: Money Market Interest Rates.