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Families all over the world are feeling the pinch as food and gas prices continue to rise.

Rising consumer prices, fueled by high energy costs and supply chain disruptions, are putting a strain on households and businesses all over the , from appliance stores in the States to food markets in Hungary and gas stations in Poland, to name a few examples.

A rising rate of inflation is driving up the cost of goods and services like food, gas, and other necessities, forcing many people to choose between digging deeper into their pockets and tightening their belts. Particularly bad is the situation in developing .

Following a recent purchase of a sack of fresh vegetables at an -air food market in Budapest, Gabor Pardi, a shopper at an open-air food market in Hungary’s capital, said, “We’ve noticed that we’re consuming less.” “We try to buy the cheapest and most economical items we can find, even if they don’t look as good as the more expensive items.”

The economic impact of the COVID-19 is still being felt nearly two years after the outbreak began, despite the fact that have raced out of debilitating lockdowns and consumer demand has recovered. Furthermore, a new wave of infections is causing renewed restrictions in Europe and other parts of the world, which is making matters worse.

The repercussions are particularly in Central and Eastern Europe, where have some of the highest inflation in the 27-nation European Union and people are struggling to buy food and fill their gas tanks.

Ildiko Vardos Serfozo, a butcher at the Budapest food market, says she’s seen a decline in business as customers migrate to multinational grocery chains that can offer discounts because they buy in bulk quantities.

Customers are price sensitive, and as a result, we frequently fall behind the competition, even when our products are of high quality. “ speaks,” she explained. “We have noticed that inflation is not beneficial to us…. “I’m just relieved that my children do not wish to carry on the family business, as I do not see much in it.”

Meanwhile, in nearby Poland, pensioner Barbara Grotowska, age 71, said outside a discount supermarket in the capital of Warsaw that she has been the by a nearly tripling of her garbage collection fee, which now stands at 88 zlotys ($21). She also expressed dissatisfaction with the fact that the price of the cooking oil she uses has by a third, to 10 zlotys ($2.40).

“There is a significant difference,” she stated.

The recent acceleration in inflation has taken business leaders and economists around the world completely by surprise, according to Bloomberg.

The coronavirus crippled the global economy in the spring of 2020: governments ordered lockdowns, businesses closed or reduced , and families stayed at home to avoid being exposed to the virus. Companies braced themselves for the worst, canceling orders and delaying capital expenditures.

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