Hello everyone I am Kiaravi student of Saint MSG Glorious International School.

Today I would like

to talk about the economic problem that our complete world is facing Inflation. Inflation refers to
the rise in the prices of most goods and services of daily or common use, such as food, clothing,
housing, recreation, transport. The three witches in William Shakespeare's Macbeth-representing
evil, chaos and darkness-seem the perfect metaphor for the current economic situation. The three
witches that can derail India's and the world's economic recovery are hardening commodity prices,
soaring inflation and unrelenting geopolitical tension, especially emanating from the Ukraine
conflict. Inflation is increasing day by day worldwide.countries across the world are bearing the
brunt but if I talk about my country India. In March 2022, retail inflation in India was at a 17-month
high of 6.95 per cent. In India, the wholesale price index (WPI) was also at a 30-year high of 12.96
per cent. But no one is worrying about it. Moreover, following the Russia-Ukraine war, there has
been a disruption in the global supply chain. Notably, India meets 85 per cent of its oil needs from
imports. The Ukraine-Russia war has hit edible oil supplies, leading to an increase in its prices. The
pressure on sunflower oil supplies from Ukraine triggered a change in export policy from Indonesia,
the world’s leading palm oil exporter. Indonesia announced an export ban on cooking oil.

Specifically, the Indian kitchens has faced price rise. Besides the fuel and edible oil costs, domestic
cooking gas prices shot up recently. In the past few months, prices of almost all essential items
have moved northwards, the Ukraine-Russia war has hit edible oil supplies, leading to an increase
in its prices. The pressure on sunflower oil supplies from Ukraine triggered a change in export
policy from Indonesia, the world’s leading palm oil exporter. Indonesia sprang a surprise by
announcing an export ban on cooking oil in response to a supply squeeze in the aftermath of
Russia’s invasion of Ukraine. Consequently, it has led to lower palm oil imports.

Specifically, the Indian kitchens bore the brunt of the price rise. Besides the fuel and edible oil
costs, domestic cooking gas prices shot up recently. In the past few months, prices of almost all
essential items have moved northwards. Additionally, the high fuel prices have had a spillover
effect on transportation and made it expensive. Thereby putting pressure on the common man’s
household budget.