The world is facing another global challenge just months after it started recovering from the Coronavirus pandemic. Most nations globally are now fighting a new pandemic which is inflation and unattainable prices if basic commodities.
This rapid increase in the cost of goods has been associated with the rise in the cost of petroleum products which is a key factor of production. The was in Ukraine and the sanctions of the Western countries against Russia has made the Petroleum products from the Russian federation to be suspended meaning the world is now short of this key and most important product.
This has pushed the prices of petrol and related products to record high in almost all the countries globally and the results have been high cost of production and subsequent high cost of living. In Kenya for instance, the prices food have become beyond the reach of many Kenyan with a 2kg packed of unga retailing at over Ksh 200.
"The rate of inflation at the moment in the US is higher than it is in Kenya. This is a worldwide problem" Dr Jim McFie. https://t.co/X4DfroT9Fu
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