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.
For much of 2021, experts were already discussing whether inflationary pressures, which had started to build, were temporary or more permanent, as the global economy reopened following years of restrictions.
What they didn’t count on as the new year began, was Russia’s invasion of Ukraine.
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