World’s top economies confront inflation

Group of 20 finance chiefs meeting in Indonesia will confront a much-altered global economy menaced by widespread inflation, the threat of war, and a legacy of disease.

The scope of the consumer-price shock afflicting many member countries is unprecedented since the group’s foundation at the end of the last century, and has been stoked by persistent supply worries and soaring energy costs. Related to that last pressure is military tension with Russia that could yet transform into conflict in Ukraine. The mixture of challenges facing finance ministers and central bankers meeting in Jakarta is likely to prompt a less sanguine view than offered in their Washington communique in October.

The gathering takes place a week after US data showed consumer prices rising at the fastest pace in 40 years. (Bloomberg)