Inflation in a Global Economy

Concerned about inflation, the European Central Bank raised its interest rates today despite the fact that the German and French economies are showing weakness. What good does that do in a global economy? If inflation is driven by global demands for goods, such as steel, how does it help reduce inflation by raising the interest rates in any one particular country? I don't get it. Here's a little bit more from that article.

Surging food and oil prices are buffeting central banks globally. In recent weeks, U.S. Federal Reserve policy makers have ratcheted up their anti-inflation rhetoric. However, because the economy remains fragile, the Fed is not expected to raise its key rate from its current 2% until later this year unless the inflation outlook deteriorates considerably.

Oil and food prices are globally set, right? Hmmm.