Inflation Surge: Impact of COVID-19 Pandemic and Ukraine Conflict

Abstract

In recent years, people have faced the fastest spreading and most widespread disaster in human history, the COVID-19 pandemic. Undoubtedly, the most direct factor affecting the effectiveness of epidemic prevention and control is the level of science and technology, especially medical science and technology. However, the level of public governance, especially public health governance, as well as cultural traditions and living habits also have a major impact on epidemic prevention and control. In 2022, Russia and Ukraine also broke out a military. Due to the impact of the epidemic and the conflict between Russia and Ukraine, the global economy has been gradually brought serious impact, inflation and other problems have also emerged. As one of the important indicators to measure the performance of the macroeconomy, the fluctuation of the inflation rate will be closely watched by the general public and the government departments that specify the macroeconomic policy. In this paper, the causes and consequences of inflation will be studied by discussing the effects of the novel coronavirus epidemic and the Russia-Ukraine conflict on the global consumer price index (CPI) and the economic trade between the three major economies.