Soaring food and fuel prices are the most excruciating form of inflation. If the prices of furniture or smartphones rise, people can delay a purchase or forgo it. But they cannot stop eating
that man does not live by bread alone. Nonetheless, its scarcity makes people furious. The last time the world suffered a food-price shock like today’s, it helped set off the Arab spring, a wave of uprisings that ousted four presidents and led to horrific civil wars in Syria and Libya. Unfortunately, Vladimir Putin’s invasion of Ukraine has upended the markets for grain and energy once again. And so unrest is inevitable this year, too.
Many governments want to ease the pain, but are indebted and short of cash after covid-19. The average poor country’s public debt-to-ratio is nearly 70% and it is climbing. Poor countries also pay higher interest rates, which are rising. Some of them will find this unsustainable. TheSri Lanka has already defaulted and melted down.
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