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Global Consumers Facing Higher Prices as Omicron Threatens Economic Recovery

Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Global Consumers Facing Higher Prices as Omicron Threatens Economic Recovery

Global Consumers Facing Higher Prices as Omicron Threatens Economic Recovery

Global Consumers , Facing Higher Prices , as Omicron Threatens Economic Recovery.

ABC reports that nations across the world are facing rising consumer prices that are the result of high energy costs and supply chain disruptions.

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Households and businesses worldwide are feeling the effect of higher prices.

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Inflation has driven the price of food, gas and other products higher around the world, and in developing countries the result has been especially dire.

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Inflation has driven the price of food, gas and other products higher around the world, and in developing countries the result has been especially dire.

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According to ABC, as nations close their borders due to the omicron variant, the global economic recovery may be threatened.

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A new round of infections could further aggravate supply chains, putting even more upward pressure on inflation, Rubeela Farooqi, chief U.S. economist at High Frequency Economics, via ABC.

According to ABC, the emergence of omicron has given rise to fear that factories, ports and freight yards may be forced to close.

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According to ABC, the emergence of omicron has given rise to fear that factories, ports and freight yards may be forced to close.

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This additional strain on global commerce threatens to drive prices even higher.

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The International Monetary Fund predicts that consumer prices across the world could rise 4.3% this year.

This rise in prices has been most pronounced in the developing countries of central and Eastern Europe, where annual rates have skyrocketed.

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This rise in prices has been most pronounced in the developing countries of central and Eastern Europe, where annual rates have skyrocketed.

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Lithuania saw an 8.2% increase in annual rates, while in Poland, one of Europe's fastest-growing economies, inflation has reached a twenty-year-high of 6.4%.

Lithuania saw an 8.2% increase in annual rates, while in Poland, one of Europe's fastest-growing economies, inflation has reached a twenty-year-high of 6.4%


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