Hurricane season has started, and the Caribbean has begun gearing up for the potential devastating storms. But as the world creeps back to post-pandemic normalcy and prepares for a wave of natural disasters, another type of hurricane may be on the horizon. An economic hurricane.
A trip to the grocery store is becoming more and more depressing- the prices are raising by the week it seems and with several countries implementing bans on exportation due to the Russian invasion on Ukraine, one wonders just how bad it can get for the Caribbean.
The World Food Program is calling the situation “a looming hunger catastrophe” caused by economical poverty rate increases, and political chaos.
The post pandemic inflation caused banks to raise their interest rates, and eroding purchasing power. Furthermore, gas and food prices are skyrocketing and food insecurity is growing rapidly, with no end in sight.
What is Inflation?
The Bureau of Labor Statistics (BLS) defines inflation as “the overall general upward price movement of goods and services in an economy.”
In other words, it is the decline in the value of money-as more prices go up, the less each dollar is worth.
3 ways to protect yourself from the effects of Inflation