This bleak picture is evident in the region, where despite inflation peaking last November in most of the countries, citizens are still grappling with high food and fuel prices. In some developed economies, however, the cost-of-living crisis is expected to be milder in 2023 as inflation rates relent following the tightening of monetary policies. Natural disasters and extreme weather events, which disproportionately affect Africa, is the second most cited risk, according to the survey. Multiple interventionsMs Zahidi and other attendees of the WEF in Davos called for multiple interventions by businesses and governments to help stem the growing cost of living crisis, each suggesting a different approach. Lindner said from the European perspective, governments need to promote competitiveness among businesses so that firms can pay wages and improve livelihoods.

Source: Daily Nation January 22, 2023 18:02 UTC