CPI data around the world and political crises just this week show how the economic war against Russia is harming the poorest and destabilizing the world.
Yesterday, the US Bureau of Labor Statistics’ Consumer Price Index (CPI) report for March, which is a key inflation metric, showed that year-on-year inflation rose by 8.5%, meaning that, on average, people are paying 8.5% more for the same things than last year. This is the highest spike in prices since December 1981.
What’s more, the most impacted commodities are necessities, e.g., things like food, shelter and fuel, while less essential things saw less of a rise. This inevitably means that the poor are most impacted by rising inflation since they put most of their budget toward necessities, according to an analysis by the prestigious University of Pennsylvania Wharton School.
Poorer countries are also extraordinarily impacted by inflation for these same reasons, so much so that it’s causing widespread political instability. The past week alone has seen inflation-induced riots in Peru and the ouster of former Pakistani Prime Minister Imran Khan, which was influenced by inflation even if the US might have had a hand in that situation.
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