Inflation bites hardest in developing world as Ukraine war raises prices

Poorer countries - hampered by Covid debt and aid cuts - are facing hunger and unrest as conflict pushes up the cost of staples

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.