global inflation: Developing countries at stake

Written by: Alphonsus Charles Tosino

October 13, 2022 | 12:20 P.M.

Inflation reached its peak and is expected to affect emerging and developing countries. Inflation remains widespread across the globe. Asia's consumer price growth has even begun to accelerate. Euromonitor International says that global inflation is predicted to reach 8.7%.

The United Nations is worried that this inflation will threaten people’s rights to development and will mainly affect poorer countries. The recent events of global pandemics and Russia’s invasion of Ukraine have "exposed and exacerbated pre-existing inequalities” said the acting UN rights chief during the biennial discussion on the right to development last September 15, 2022. Inflation in developing economies can cause exchange rate depreciation and capital outflows that are difficult to stabilize which results in a higher cost of living. It is bothering that this can lead the less fortunate to struggle and afford basic necessities like food and shelter. 

It is expected that global inflation will be elevated until 2023. World leaders and policymakers should work together to alleviate global supply constraints in order to bring back economic order.