Differential Impact of the 2022 Global Inflationary Shock
The inflationary supply shocks of 2022, which originated from events like the Russia-Ukraine war, affected nations globally. However, the impact was not uniform. The resulting inflation rates varied significantly, with countries already facing some form of crisis, such as Argentina, typically experiencing much higher inflation than more economically stable nations.
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The 2021-2022 global inflation surge was primarily driven by two major ______ shocks: post-pandemic logistical disruptions and a sharp rise in energy prices.
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Global Inflation Rates by Country in 2022 (Figure 7.2)
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