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A world united—by inflation
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The (rising) price of beauty. Looking a little shaggy? Spiffing up with a haircut in the US will cost you 6.2% more than last year. That’s the biggest annual increase since 1982, but some hairdressers have hiked the tab by far more. Soaring salon bills reflect higher costs of rent and labor; they are an expense American consumers cannot skirt by buying from overseas. This is why some economists see haircut prices as a sign of entrenched domestic inflation. [WSJ] |
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A common concern. The world doesn’t agree on much, but it’s come together over one big source of anxiety: inflation. For the third consecutive month, inflation is the most-cited worry in a global survey, identified as a top concern by 37% of respondents in 27 countries. In general, economic issues weigh heavily on minds around the world. Next to inflation, the second biggest worry is poverty and social inequality, followed by unemployment, finds the survey of about 19,000 adults. [WEF] |
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Silent tax makes noise. In the past six months, surging inflation has more than doubled projections in many countries, with Europe particularly affected. Inflation in Poland is at 11% and UK inflation is at 9%, both well above projections. However, Asia is seeing a more moderate change, with inflation remaining muted in China and Japan. Real wages are creeping higher in some of the world’s largest economies, but the rising tide of inflation is eroding purchasing power.
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Pinning down rising costs. In many economies, prices for food and commodities have risen sharply. A spike in fertilizer prices, along with other fallout from the war in Ukraine, has pushed prices for basic foods much higher. Meanwhile, the outlook for growth for most G-20 economies has moved in the opposite direction—with one notable exception. From rising lending rates to the soaring cost of housing, see how inflation is affecting every part of the global economy in seven charts.
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| — Edited by Katy McLaughlin |
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