The report examines inflation level and drivers globally and in the key countries. Global inflation is forecast to accelerate due to higher energy and commodity prices, disruptions in supply chains and weaker business confidence. Impact varies between the countries, with Eurozone likely to be the most affected given its reliance on energy imports. Increasing prices are predicted to undermine consumer purchasing power.
This report comes in PPT.
Under the baseline scenario, global inflation is still forecast to reach 7.9% in 2022 and stand at 5.0% in 2023. Commodity price increases and supply disruptions due to the war in Ukraine are forecast to push global manufacturer and consumer prices.
Countries with greater energy dependency, such as Germany, Spain and Italy, will feel higher inflationary effects in 2022. This in turn is expected to increase inflationary pressures in the Eurozone. Consumers and businesses in the Eurozone will increasingly feel the squeeze of the rising prices during 2022-2023. Higher prices will also add more pressures on the profit margins of the businesses.
Higher volatility in commodity markets, supply disruptions and transportation problems are forecast to disrupt global supply chains and inflate input prices in 2022. Potential embargo on Russia’s energy would also result in energy price shock and impact global B2B, transportation and logistics sectors. At the same time, tight labour markets in the developed economies and lockdown measures in China will continue to inflate the cost base and disrupt supply of input materials.
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