Six months after Russia invaded Ukraine, the consequences are posing a devastating threat to the global economy. Inflation is soaring, and rocketing energy costs have raised the prospect of a dark winter as Europe stands at the brink of recession.
Near Johannesburg, South Africa, Stephanie Muller has been comparing prices online and checking different grocery stores to find the best deals.Shopping at a market in Vietnam’s capital of Hanoi, Bui Thu Huong said she’s been limiting her spending and cutting back on weekend dinners out. At least there’s one advantage to cooking at home with her children: “We can bond with them more in the kitchen, while saving money at the same time.
In Karachi, Pakistan, far from the battlefields of Ukraine, Kamran Arif has taken a second, part-time job to supplement his wages.majority of people live in poverty in Pakistan , whose currency has lost up to 30% of its value against the dollar and the government has increased electricity prices 50%. Muhammad Shakil, an importer and exporter, says he can no longer get wheat, white chickpeas and yellow peas“Now that we have to import from other countries, we have to buy at higher prices” — sometimes 10%-15% more, Shakil said.The resultingis punishing FlooringStores, a New York company that helps customers find flooring material and contractors. Sales are down because fewer homeowners are borrowing to pay for home improvements.
“A huge percentage of our customers finance their projects with home-equity loans and similar products, meaning that the hike in interest rates really killed our business,” CEO Todd Saunders said. “Inflation wasn’t helping, but the interest rates had a bigger effect.’’
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