The International Monetary Fund is warning people around the world that the worst is yet to come for inflation and energy prices.
Sky News reported this week the situation will become "intolerable."
BREAKING: The world must brace itself for an economic slowdown, a burst in inflation and a potential wave of social unrest as energy and food prices rise to intolerable levels, the IMF has warned.@EdConwaySky analyses the latest World Economic Outlook.https://t.co/E8ESLWuBjA pic.twitter.com/RpBpICRxxa
— Sky News (@SkyNews) April 19, 2022
In March, President Joe Biden warned of food shortages.
"We did talk about food shortages. It's going to be real. The price of these sanctions is not just imposed upon Russia. It's imposed upon an awful lot of countries as well including European countries and our country as well," Biden said after meetings with NATO.
Biden on food shortages: "It's going to be real." pic.twitter.com/QGWRCf6LiB
— Townhall.com (@townhallcom) March 24, 2022
While Russia's war on Ukraine is exacerbating the problem internationally, Americans have experienced sky high inflation for months. Just last week, another new record was set.
Producer Costs Hit New Record High as Inflation Rages https://t.co/rJgrlzIvDi
— Townhall.com (@townhallcom) April 13, 2022
Stop lying https://t.co/cRkSKSmcND pic.twitter.com/SWG2mlSJNd
— Comfortably Smug (@ComfortablySmug) April 20, 2022
Meanwhile, U.S. economists warn of a recession at home as costs continue to exponentially increase.
"All the Fed should do is try to keep the dollar stable in value. If they had, we wouldn't have the kind of inflation we have now & are going to have in the future." @SteveForbesCEO comments after Goldman Sachs warns a possible recession is on the horizon @BillHemmer @DanaPerino pic.twitter.com/hSw4cT4DI9
— America's Newsroom (@AmericaNewsroom) April 19, 2022
RT @BloombergTV: Goldman Sachs sees the odds of a U.S. economic contraction at about 35% over the next two years on the Fed’s challenges to achieve a soft landing for the economy.
— Clifford Reid (@CliffordReid15) April 19, 2022
Bloomberg’s Kriti Gupta reports https://t.co/A2P86pCsOn pic.twitter.com/amIHJkfpGo