Across the world, inflation is on the increase with food and energy prices hitting record highs. Much of the rise is attributed to pent-up consumer demand after the pandemic and the Russian invasion of Ukraine, which caused commodity prices to skyrocket.
According to the International Monetary Fund (IMF), food inflation alone has eroded global living standards at the same rate as inflation of all consumption did in the five years immediately before the pandemic. Similarly, energy costs have caused spikes in terms of sourcing inputs, logistics, and production processes. These were further compounded by constraints in supply chains and tight labor markets.
