In Argentina, where inflation is expected to hit 95 per cent by year's end, people mourn the 'death' of their wages

Demonstrators in Buenos Aires held a symbolic funeral for their wages last month. (Reuters: Agustin Marcarian)

Across the world, countries are grappling with rising inflation on the back of the COVID-19 pandemic and the global insecurity created by Russia's invasion of Ukraine.

In Australia, the Consumer Price Index (CPI) rose 6.1 per cent over the past year, sparking real concern and forcing the Reserve Bank to push interests rates up faster than they have for nearly 30 years.