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Most of the 166.8% cost increase in natural gas over the 12 months to May 2022 has been recorded since the war began in February. Russia’s war in Ukraine is also responsible for almost 40% of the annual price increase of wheat and for 60-75% of the annual price increases of corn and sunflower seed oil, according to UNDP.
An economist has warned that the US is on the verge of a 'cost of living' crisis due to rapid inflation. Food prices increased by 9.4% on average in the year to April – their largest 12-month rise in 40 years.
As the cost of living rises, the poorest in society are suffering most. Ipsos surveyed over 20,000 people in 30 countries and found that at least half also reported increases in the cost of clothing and shoes, housing, healthcare and entertainment.
Inflation is the term used to describe the rate at which prices increase. It’s in the headlines because it has been rising at the fastest pace for several years across many countries. Inflation in the US was more than 8% in September and 10.1% in the UK. That compares with the roughly 2% most policymakers accept is a stable rate.
The majority of people expect their household spending to increase in the next six months, driven by utilities, shopping and motoring costs. The public mostly blames the state of the global economy for the cost of living increases. Although global poverty continues to fall, inflation, alongside the war and the pandemic, are slowing its decline.
The cost of living crisis has pushed 71 million people into poverty, according to the United Nations. Inflation is climbing as the Ukraine conflict and the effects of the pandemic put pressure on supplies of food, energy and other essentials. The UN says governments and banks must urgently take action.
Inflation is rising and the prospect of a cost of living crisis looms for many people across the world. April saw a CPI (consumer price index) increase of 8.3%, while US inflation has stayed at a 40-year high.
Cost of living was cited as the top concern in the Deloitte survey, with 35% of Gen Zs and 42% of millennials saying it was their biggest concern. The prospect of unemployment increased by two points for Gen Zs compared to last year, and now ranks as their second-biggest worry.
Consultants Deloitte polled 22,000 Gen Z and millennial respondents in 44 nations about the effect of soaring prices on their lives and found that the cost of living was the number one concern for both groups, ahead of worries about losing their jobs, climate change and mental health.
Higher global food prices are part of a wider trend of cost of living increases already at work in both advanced and emerging economies, exacerbated by Russia’s invasion of Ukraine. The global economy is still some way off a recovery, following the economic impact of the COVID-19 pandemic.