Inflation has impacted many families and individuals across the globe in a deeply negative—and deeply personal—manner.
"Rising food costs. Soaring fuel bills. Wages that are not keeping pace. Inflation is plundering people’s wallets, sparking a wave of protests and workers’ strikes around the world. This week alone saw protests by the political opposition in Pakistan, nurses in Zimbabwe, unionized workers in Belgium, railway workers in Britain, Indigenous people in Ecuador, hundreds of U.S. pilots and some European airline workers. Sri Lanka’s prime minister declared an economic collapse Wednesday after weeks of political turmoil." —Aya Batrawy
Economists have stated Russia's war in Ukraine has amplified inflation.
"Economists say Russia’s war in Ukraine amplified inflation by further pushing up the cost of energy and prices of fertilizer, grains and cooking oils as farmers struggle to grow and export crops in one of the world’s key agricultural regions. As prices rise, inflation threatens to exacerbate inequalities and widen the gap between billions of people struggling to cover their costs and those who are able to keep spending." —Aya Batrawy
Matt Grainger, the head of inequality policy at an antipoverty organization by the name of Oxfam, is livid.
“We are not all in this together...How many of the richest even know what a loaf of bread costs? They don’t really, they just absorb the prices.” —Matt Grainger
Oxfam is calling on the Group of Seven to provide debt relief for developing economies and tax corporations on excess profits.
"Oxfam is calling on the Group of Seven leading industrialized nations, which are holding their annual summit this weekend in Germany, to provide debt relief to developing economies and to tax corporations on excess profits." —Aya Batrawy
The situation is bleak.
"The demonstrations have caught the attention of governments, which have responded to soaring consumer prices with support measures like expanded subsidies for utility bills and cuts to fuel taxes. Often, that offers little relief because energy markets are volatile. Central banks are trying to ease inflation by raising interest rates. Meanwhile, striking workers have pressured employers to engage in talks on raising wages to keep up with rising prices." —Aya Batrawy