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With little breakthrough in peace talks between Russia and Ukraine, and fresh restrictions in major cities across China, the inflationary pressures worldwide are likely to get worse before they get better.
Clogged supply chains and growing geopolitical tensions are leading some countries to reconsider their borders and trade policies. Many economists believe, a period of de-globalisation could follow. Being less dependent on others for energy, food or medical equipment might circumvent future supply shocks and lessen the risks of inflation. But such protectionist policies may also reduce incomes worldwide and embolden populism.
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