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Publish at September 20 2022 Updated September 20 2022

What do we really know about inflation?

A concept that empties our wallets

During the summer of 2022, all politicians talked about inflation. Indeed, it reached in industrialized countries 5% to 10% and in other countries it was even worse. But what is it? It is the natural increase in prices. It is usually around 2% annually. However, with the covid crisis, the war between Russia and Ukraine and climate change, supply and demand are out of balance. As a result, costs are skyrocketing and it doesn't look like this will stop anytime soon.

Even more so because not everyone is equal when it comes to this increase. Hundreds of millions of people could fall into extreme poverty because of inflation, according to an Oxfam study. Meanwhile, the wealthy continue to get richer. So, would it be possible to tax those ultra-rich and multinationals that contribute to the problem? Yes, but that would not solve everything. Instead, economists are aiming for higher interest rates, which dampen economic activity however.

Government financial aid also has its influence but it doesn't come from nothing since it comes from taxes... paid by citizens. In short, all solutions seem to lead to a dead end. This is enough to make governments in Argentina, Yemen, Venezuela or Lebanon tremble as they experience incredible price increases. Incidentally, in Sri Lanka, this led to a popular revolution.

Time: 13min36

Picture credit: en.depositphotos.com

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