The Organization for Economic Cooperation and Development (OECD) has warned developed economies to “remain vigilant” for signs of “persistent inflation.” In its September 2021 economic outlook, the intergovernmental economic organization noted that “a rapid increase in demand as economies reopen has pushed up prices in key commodities such as oil and metals.” “Food prices are also rising boosting prices especially in emerging markets. Tensions along supply chains caused by the pandemic have added to cost pressures. At the same time, shipping costs have increased sharply,” economists wrote. Industries across the globe are facing acute bottlenecks in supply chains, such as material and worker shortages as well as the skyrocketing prices of materials, driven by pandemic lockdown measures. These issues have also affected consumers, who are now faced with empty shelves and higher prices on top of rising inflation levels. The OECD noted that the outlook for inflation varies markedly, with most large economies such as the …
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