As food costs and fuel bills soar, inflation is plundering people’s wallets, sparking a wave of protests and workers’ strikes around the world.
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.
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.
Last week, thousands of truckers in South Korea ended an eight-day strike that caused shipment delays as they called for minimum wage guarantees amid soaring fuel prices. Months earlier, some 10,000 kilometers away, truckers in Spain went on strike to protest fuel prices. “How much for my kidney?” is the question most asked of one of Kenya’s largest hospitals. Kenyatta National Hospital reminded people on Facebook this week that selling human organs is illegal.
The protests reflect a sense of growing financial insecurity. Here's how that has played out in Africa: — Hundreds of activists this month protested the rising cost of living in Burkina Faso. The U.N. World Food Program says the price of corn and millet has shot up more than 60% since last year, reaching as high as 122% in some provinces.
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