Inflation is rising globally since war broke out between Russia and Ukraine which caused high price of food and energy but since FED has taken strong measures to control inflation by increasing interest rates, it will certainly start coming down as it is evident from CPI data released this evening. CPI of October is 7.7% which is significantly lower than last month. If this trend continues, we will see decline in prices of goods & services in coming days.
https://www.investing.com/economic-calendar/
https://www.investing.com/economic-calendar/
It's all Russia's fault. If Putin didn't decide to invade Ukraine in the first place, the economy would've been on a path towards a slow and steady recovery (since the COVID-19 pandemic temporarily affected it). Now things are worse, as Russia decided to stop selling energy/gas to the EU. This caused inflation to increase by a large margin within the bloc. Global food prices also increased due to Ukraine's inability to export wheat (although a deal was made with the UN recently to help address the issue).
I don't think central banks' efforts to tackle inflation will work if Russia continues with the war. The Putin regime must be stopped so we could see inflation decline to acceptable levels. Poor people are being severely affected, while the wealthy are doing well. I hope this will be all over soon, so we could be on a road towards a prosperous future. Just my opinion
Indeed,Ukraine war is behind all financial crisis which created logistic issues worldwide and caused financial crisis all over the world. this war is a madness and it continues it can potentially spread to other countries which can create very dangeruous situation for the whole world. Central Banks usually reduce money supply by increasing interest rates which mostly works but it is not good solution for long term as it reduces business activity.