Global inflation hasn't been this high since 2008. Why is inflation going up?

Energy price hikes boosted average annual inflation across OECD countries to 3.3% in April, compared with 2.4% in March.

Inflation is viewed as a positive when it helps boost consumer demand and consumption, driving economic growth. Some believe inflation is meant to keep deflation in check, while others think inflation is a drag on the economy.

Economists agree there is upward pressure on prices. But there is no consensus on whether rising inflation is a temporary phenomenon that will fade as economies and consumers adjust to life after the pandemic, or if price rises signal the start of a sustained trend with major implications for workers and companies.

SOURCES: CNN.com & Investopedia.com

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