As inflation around the world surges to levels unseen in decades, some consumers are not convinced that raising interest rates - even though monetary policymakers everywhere are supersizing their rate hikes - can tame soaring prices.

In the United States, median short-term inflation expectations have risen to their highest level on record. This is not helped by a lack of knowledge - a recent The Economist/YouGov poll showed that twice as many Americans believe that higher rates raise inflation rather than reduce it.