The U.S. Labor Department said Tuesday that inflation in the United States rose to 8.5% in March — the highest in four decades. Meanwhile, Oxfam is warning over 260 million people around the world could be pushed into extreme poverty by the end of the year due to the pandemic and rising energy and food costs. For more on the growing inflation crisis, we speak with economist Jayati Ghosh, who says prices of essentials are soaring much higher than can be explained by oil prices and supply shortages alone because of what she calls “feverish speculation” in financial markets and corporate profiteering. She also speaks about how the Global South sees the West’s response to the Russian invasion of Ukraine as deeply hypocritical when compared to the growing humanitarian crises in places like Yemen and Afghanistan and calls on the International Monetary Fund to reverse practices of pushing austerity in less wealthy countries and instead focus on massive public spending to combat existential crises like inflation and climate change. Her recent article is titled “Putin’s War Is Damaging the Developing World.”
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