When 2021 started seeing the end of COVID-19 lockdowns, the global economy entered a period of recovery. However, with this abrupt turn of events, came an inflation surge that has had resounding impacts. According to Statista, 2022 saw an 8.73% global inflation rate, marking the highest rate seen in years. With such inflation, prices of goods and services have seen a significant rise. 

So what is behind this inflation? The recent inflation surge can be attributed to an imbalance between supply and demand, brought on by blocked supply chains caused by the pandemic and the Russo-Ukrainian War. Shortages caused by these blocked supply chains have thus led to a rise in the prices of goods and services, ultimately promoting inflation. 

Going forward, some sources like the International Monetary Fund predict a gradual decline in global inflation rates while others like Statista warn of a recession, leaving the global economic outlook uncertain.