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Rising global inflation is expected to hit emerging and developing economies particularly hard this year, adding to a “confluence of crises” that threatens us all, the UN’s acting human rights chief has warned.
Almost daily, we hear news about a global slowdown and how the war in Ukraine is driving up prices at a pace not seen in decades.
According to the UN trade and development agency, UNCTAD, other forces are also fueling inflation, including supply disruptions triggered by the COVID-19 pandemic and severe weather that has decimated harvests.
In its latest podcast, the Geneva-based agency talks about inflation with economist Jeronim Capaldo of UNCTAD’s globalization and development strategies division.
The election of democratic governments in sub-Saharan Africa countries has provided the conditions for social and political stability and led to a reduction in inflation, according to the International Monetary Fund (IMF).
Agriculture is a driver for local economies, and the IMF says a stable environment is more conducive to production.
This in turn prevents food shortfalls which cause rising costs and, ultimately, inflation.
Inflation fueled by the high price of imported commodities in South Sudan is eating away at consumer purchasing power in the war-torn nation.
That’s according to Kennedy Nanga, an economic and specialist in South Sudan’s markets.
Mr Nanga said the price of locally produced grains like sorghum and maize has dropped due to an early harvest in the Great Equatoria region.
But the country is not able to produce enough food and must rely on expensive imports from Uganda and Sudan.