The arc of 2021, from tentative recovery to resurgent uncertainty, may feel like more of a circle for many around the world who are understandably weary of the pandemic and eager for a return to normal.
The past year has brought us new challenges even as the old ones persist. If anything, the ongoing pandemic has taught us to think differently about tackling the challenges and questions we currently face when it comes to big issues like climate change, gender equality, inflation and economic measurement.
Inflation is rising around the world. In sub-Saharan Africa, one item is driving the trend more than others: food prices. Food accounts for roughly 40 percent of the region’s consumption basket—a measure of goods and services used to measure consumer price index (CPI) inflation.
With inflationary pressures intensifying and Omicron generating new uncertainties, monetary policymakers are facing new and challenging tradeoffs.
Inflation has surged in the largest economies of Latin America, prompting large central banks in the region to raise interest rates before economic activity has fully recovered.