The Reserve Bank of Australia raised interest rates to an eleven-year high on Tuesday and flagged that it could still increase borrowing costs even further to help bring down elevated inflation.

The decision was somewhat of a surprise for markets, which had widely expected that the RBA would pause rate hikes at its June policy meeting.

But price growth, the RBA flagged, is still too high. Furthermore, the bank ditched language from several prior statements that its “medium-term inflation expectations remain well anchored,” which analysts interpreted as a hawkish sign that it is not as confident in its estimated trajectory for prices.

Policymakers at other central banks around the world are similarly attempting to corral stubbornly high inflation despite more than a year’s worth of tightening campaigns.

In the U.S., the Federal Reserve is mulling over possibly “skipping” an interest rate rise at its highly-anticipated two-day meeting later this month. The move would bring a string of ten consecutive hikes to a close.