Inflation bites hardest in developing world as Ukraine war raises prices

A demonstration against rising fuel prices in Kolkata, India. There have been protests around the world against the increasing costs of basic commodities. Photograph: Piyal Adhikary/EPA

Prices were rising before Russia’s invasion of Ukraine, which has further disrupted energy markets and food exports, forcing developing countries to pay more to import staples at a time when they are already struggling with increased debts taken on to pay for pandemic responses.

While panic over inflation has led news agendas all over the world, the IMF’s World Economic Outlook released this week estimated it would reach 8.7% in developing economies compared with 5.7% in rich countries. Experts fear millions more will be driven into poverty and that transport and food networks will be affected.