Arrange the following steps of contractionary monetary policy in the correct order: A) Central bank raises interest rates, B) Borrowing costs increase for consumers and businesses, C) Money supply decreases, D) Inflation rates begin to stabilize.

Contractionary monetary policy is used by a central bank to reduce inflation by making borrowing more expensive. The first step is when the central bank raises interest rates (A). This leads to higher borrowing costs for consumers and businesses (B), which means they are less likely to take out loans or spend money. As a result, the overall money supply in the economy decreases (C). Finally, as spending slows down, inflation rates begin to stabilize (D), helping to keep prices more stable.