Reckless US sanctions on Russia trigger global inflation - The Global Times
The reckless US sanctions campaign on Russia has triggered global inflation, which could take years for the world to recover from.
While Western media outlets are accusing China of driving global inflation, the latest data on inflation points out that the sanctions on Russia have a greater influence on the global supply chain and high prices.
In an article by Voice of America, the US government-owned media outlet adopted a headline that claims "China's lockdown has led to weaker demand for importers and higher prices in other countries."
The global economy is witnessing an era of high inflation. A Labor Department in the US said on Tuesday that consumer prices in March jumped 8.5 percent more than the year before, marking the sharpest annual increase.
The UK witnessed a 7.0 percent inflation in March from 6.2 percent in February, the highest level in three decades, according to the Office for National Statistics.
Read more: Ukraine war to push US inflation even higher
In the Eurozone, inflation reached 7.5 percent in March, the highest level since the creation of the euro. The annual rate of inflation in Russia increased to 17.49 percent during the week ending April 8, the most since February 2002 and up from 16.7 percent the previous week, according to the country's economy ministry on Wednesday.
To be precise, several reasons contributed to the world's increasing inflation, with the COVID-19 epidemic being a key one. However, there is little doubt that the increasing prices of oil and a plethora of other bulk commodities caused by the reckless US-led Western economic sanctions imposed on Russia, worsened worldwide inflation. Needless to say, blaming it on China's anti-epidemic tactics is implausible.
The economy after COVID, during Ukraine war
At a time when global supply chains are still struggling to recover from the epidemic, the war in Ukraine and the sanctions placed on Russia have worsened supply chain disruptions. Countries around the world are bearing the burden of Washington's geopolitical gambits, with shortages in energy, raw materials, and food supplies.
While US and Western officials claim that their economic and financial sanctions are intended to punish Russia, the truth is that they have also seriously harmed the interests of developing countries, which are particularly vulnerable to high inflation when it comes to imports of food and other necessities. Many of these developing countries are already dealing with major economic issues, and Western sanctions-induced price increases are adding salt to the wound.
Sri Lanka's central bank, for example, stated this week that it will temporarily default on all international debt to protect its decreasing foreign exchange reserves to import crucial food and gasoline. If anything, it demonstrates how emerging economies, particularly tiny and fragile ones, are feeling the effects of imprudent Western economic sanctions.
In rich countries, inflation may mean price hikes, but in developing countries, significant inflation can lead to food shortages and perhaps a widespread humanitarian crisis. There has already been an increase in warnings about emerging countries in Asia and elsewhere experiencing severe energy and food shortages, as well as economic catastrophes.
In the face of such a bleak picture, it is hoped that the West will abstain from pointing fingers and instead focus on real efforts to address the expanding list of economic problems with global ramifications. In terms of the developing world, this necessitates a coordinated effort to sustain global free trade and economic globalization.