Central banks attempts to get out of inflation quagmire| MENAFN.COM

Tuesday, 09 August 2022 11:03 GMT

Central banks attempts to get out of inflation quagmire


(MENAFN) In light of the current Russia and Ukraine conflict and other problems, such as rising oil and food costs, central banks are attempting to get out of the high inflation quagmire.

After two years of the coronavirus epidemic, the world economy was beginning to recover when the war broke out on February 24. As a result, costs for commodities like wheat, corn, and sunflower seed oil have significantly increased.

Food costs increased by 22.9 percent yearly in May, according to figures from the United Nation's Food and Agriculture Organization (FAO), with increases of 31.1 percent for vegetable oil, 29.7 percent for grain, 16.9 percent for dairy, 15.4 percent for sugar, and 13.6 percent for meat.

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