Many countries have recently faced inflationary pressures

Due to the rising energy prices and supply chain bottlenecks, consumer price index (CPI) in many countries keeps rising, and their economies are facing inflationary pressure. The International Monetary Fund has warned of heightened upside risks to global inflation and significant uncertainty about the inflation outlook.

The US consumer price index rose 0.9 per cent in October from the previous month and 6.2 per cent from a year earlier, the biggest year-on-year rise since November 1990, driven by higher food and energy prices, according to the Labour Department. Energy prices rose 4.8% month-on-month, with gasoline prices up 6.1%.

Inflation in the euro zone hit a 13-year high of 4.1 percent in October, driven by higher energy prices and supply chain disruptions, eurostat data showed. On a country-by-country basis, inflation remained high at 4.5 percent in Major European economies Germany, 5.5 percent in Spain, 3.2 percent in France and 3.1 percent in Italy in October.

Euro zone inflation is likely to continue to rise in coming months as supply chain disruptions prove difficult to fix in the short term, companies are likely to pass on price pressures from supply bottlenecks to consumers and energy supply is tighter during the winter months, market participants said.

Higher energy prices and supply chain bottlenecks are also adding to inflationary pressures outside Europe and the United States, which could undermine the recovery in many countries. Rhee Changyong, director of the IMF’s Asia and Pacific Department, said the Asian economy may face risks from continued disruptions in global supply chains and weakened participation in global value chains.

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