This study examines the relationship between inflation and central bank interest rates in 20 countries, including both advanced and emerging ones, between 1993 and 2023. To examine these associations in diverse economic scenarios, we utilized Granger causality tests, regression analysis, correlation analysis, and descriptive statistics. According to our research, advanced economies have fewer volatile interest rates and lower, more stable rates of both. On the other hand, rates are higher and more erratic in emerging economies, where there is a stronger correlation between inflation and interest rates. Industrialized nations show more consistent trends, while emerging economies show more dramatic shifts, according to regression study. Granger causality tests identify specific, usually intricate processes that are national in nature.