Africa-Press – Lesotho. Across the world people are suffering from the continuous erosion of their purchasing power caused by the constant rise of prices of essential goods and commodities fuelled by the disruptions to trade and escalating costs in the wake of the Covid-19 pandemic and the sanctions imposed in the context of the ongoing war in Ukraine.
They are therefore clamouring for concrete actions from governments to mitigate the dire impact of the unabated rise in the prices of groceries and their existential needs on their wallet.
The World Bank has warned that the war in Ukraine is set to cause the “largest commodity shock” since the 1970s. The war and the adverse impact of sanctions have already significantly increased the prices of fuel, natural gas and essential commodities such as wheat, flour, cooking oil and cotton.
The surge in fuel and food prices are hitting low-income populations and people in developing countries hardest. There is therefore a general pushback of people across the world against the unchecked rise in prices of food and basic existential needs.
The IMF has forecast that owing to the impact of the war on essential commodities, inflation is expected to rise to 5.7% in advanced economies and 8.7% in emerging market and developing economies.
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