Price increases were large in sectors such as automobiles and transportation services, where pent-up demand picked up after reopening from the pandemic. On the supply side, shortages of key commodities, exacerbated by the Russia-Ukraine conflict, contributed substantially to higher energy and food prices. Andrea Coppola, Lead economist, World Bank The higher share of food in consumer spending has caused inflation to accelerate more in low-income countries compared to other emerging markets and developing economies. Many countries experienced large currency depreciations that passed through into higher import, producer, and consumer prices. In contrast, long-term inflation expectations have been more stable, edging up only slightly in both advanced economies and emerging markets and developing economies since the onset of the pandemic – by around 0.15 percentage points. This greater stability possibly reflects the credibility of the commitment of most central banks to … [Read more...] about The implications of global uncertainty