So 2022 nudged the inflation genie out of the bottle - what's next?

So 2022 nudged the inflation genie out of the bottle - what's next? Credit: Getty

Armed with billions of dollars in savings built up during the pandemic, consumers went on a spending splurge in 2022 as restrictions were lifted around the world, and international borders reopened. But supply couldn’t keep up with demand, and Russia’s invasion of Ukraine helped to nudge the inflation genie out of the bottle.

The combination of rising food, energy and petrol prices contributed to booming inflation around the world.
A strong domestic economy saw the unemployment rate fall to a 48 year low of 3.4 per cent.
There was also downward pressure on the Australian dollar in 2022. It traded as high as 75 US cents earlier in the year - and as low as 62.