Of course high inflation is causing global protests because everyone, everywhere is feeling the pain. This shows that this is not a local phenomenon but a worldwide thing, nonetheless it will be incorrectly politicized for power.
Inflation is a serious problem because it involves the necessities of life for humans. Sometimes people don't think about filling up their bank accounts. They only need money to buy basic needs. If they can't afford to buy basic needs, there will be protests and criminal acts.