How did we get here? In two words: pandemic and war. Read more:
Globally, people are experiencing inflation at levels not seen for decades as prices surge for essentials like food, heating, transport and accommodation. And though a peak could be in sight, the effects may yet get worse.A long and comfortable period of scant inflation and low interest rates ended abruptly after COVID-19 struck, as governments and central banks kept locked-down businesses and households afloat with trillions of dollars of support.
Factories that had been idled could not ratchet up fast enough to meet demand, COVID-safe rules caused labor shortages in retail, transport and healthcare, and the recovery boom caused a spike in energy prices. Cost of living concerns dominate the politics of rich nations – in some cases relegating other priorities, such as climate change action.
The World Food Program estimates an extra 70 million people worldwide have been driven closer to starvation since the start of the Ukraine war in what it calls a “tsunami of hunger”.The world’s central banks have embarked on steep interest rate hikes to cool demand and tame inflation. By the end of 2023, the International Monetary Fund expects global inflation to have fallen to 4.7% – just less than half its current level.
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