A report found that the hike in inflation sparked by the pandemic is likely to be a blip rather than a permanent shift in the global financial climate.
Ultra-low interest rates are set to return with inflation due to tumble in the near future, according to the International Monetary Fund .
This will be welcome news to homeowners, many of whom have recently been hit with a steep rise in mortgage costs. The United Nations financial agency says that the combination of an ageing population and low productivity is set to rein in inflation and take interest rates back to pre-Skyrocketing inflation, currently at a four-decade high in Britain, is only a hiccup in the overall trend for low interest rates, rather than a permanent change to the global financial landscape, the IMF said.
"Recent increases in real interest rates are likely to be temporary. When inflation is brought back under control, advanced economies' central banks are likely to ease monetary policy and bring real interest rates back towards pre-pandemic levels," a report by IMF economists concluded.
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