The Federal Reserve has paved the way for multiple rate hikes. The Bank of England has upped its benchmark to 0.25% from 0.1% already, and the European Central Bank is slowing the pace of bond purchases.

It is clear the battle to stop runaway prices will continue to dominate the economic agenda in 2022. There's still plenty of debate on how far central banks will go and how long this period of faster inflation will persist.