In the aftermath of the 2020 global pandemic, inflation has swept across economies worldwide. While economists expected the consumer price index in the United States to rise 5.9% in the past year, it has instead risen 6.2%. This rapid rise in rates is creating a notable impact on food prices. High prices are affecting market sales and charity operations. Responses to the market inflation may either alleviate or aggravate long-term effects on the post-pandemic economy.
With an export value of 33.7 billion U.S. dollars in crude oil to China alone in 2019, the Russian economy is heavily dependent on oil trade. However, due to the increase in the overall Russian climate, the oil industry is experiencing complications. As one of the primary sources of income for Russia’s economy, its government has made and will continue to make significant efforts to curb the effects of the complications and prevent future problems. The increase in climate temperature has damaged the infrastructure of the mines and plants responsible for oil production, creating a need for a redirection of funds and potentially dangerous environmental effects, thus, narrating a cautionary tale to other nations with similar carbon emissions rates.