Emerging European Countries Most Affected by High Inflation Threat

Russia's invasion of Ukraine has caused a surge in global food and energy prices. This has impacted various countries, resulting in soaring inflation.

If this condition persists, populations in many countries will find it increasingly difficult to afford food due to its escalating cost. This threatens food security and could exacerbate social tensions in many nations.

According to a supplementary report from the Asian Development Bank (ADB), the Asia Development Outlook 2022, released this month, inflation in developing countries in the European region averaged 32.6% (year-on-year/yoy) in June 2022. This is the highest compared to developing countries in other regions.

Turkey, one of the countries in the European region recording the highest inflation, saw a staggering 78.62% (yoy) in June 2022. Similarly, Moldova recorded inflation of 31.82% (yoy), and Ukraine 21.5% (yoy).

Inflation in Sub-Saharan and African developing countries averaged 17% (yoy), and inflation in Latin American countries averaged 10% (yoy). Meanwhile, average inflation in developing countries in Asia was only 4.6% (yoy).

Not only developing countries, but the United States (US) has also been affected by the rise in food and energy commodity prices. The superpower experienced its highest inflation in four decades, reaching 9.4% in June 2022. Similarly, inflation in European Union countries reached 8.6% (yoy).