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see, raising interest rates is the fed s best tool to combat persistently high inflation, which consumers have seen reflected in higher prices for nearly everything. and while inflation has fallen by half from itsjune 2022 high of 7%, it s still higher than the fed s target of 2%. earlier this year, federal reserve policymakers hinted that they may hike interest rates once more before the year is out. they ll have a chance this week, or at their last meeting in december, or they could not do it at all. investors and economists are predicting that policymakers will skip a rate hike this week and, instead, hold rates steady, giving everything more time to work its way through the economy. we ll know the fed s next step on wednesday. one of the many things that have become more expensive for consumers is energy. oil prices have swung wildly over the last few years, due to the pandemic and the war in eastern europe. at one point, after russia invaded ukraine, prices rose to about

Interest ratesWorld bankOil pricesMiddle eastUncharted territoryAsia business reportMariko oiBusiness correspondentErin delmore reportsNew yorkInterest rate hikesConsumer spendingRate hikeEastern europePer barrelUncharted waters