Central banks worldwide tighten policies to cool inflation

The U.S. Federal Reserve has been the most aggressive in using interest rate hikes to cool inflation that is battering both households and businesses this year. This week, central banks from Asia to England followed suit to varying degrees and using different economic tools to tame rising prices that are not isolated to the U.S.

Following are actions taken Thursday, and also earlier this week, by central banks globally:

Turkey: The Central Bank of the Republic of Turkey lowered the benchmark rate by 1 percentage point, to 12%. The lira was trading around 18.38...