COVID-19 pandemic, negatively impacted inflation and the cost-of-living in Antigua and Barbuda. Of particular significance is that, as a country that imports - from the United States particularly - much of what is consumed and utilized, Antigua also imported the higher costs of production in that country. In addition to the escalation in commodity prices, the higher cost of shipping, insurance, port charges and other fees, resulted in increased cost-of-living for the country, and for every other country in the world without exception. Global inflation jumped from 4.7 per cent in 2021 to 8.8 per cent in 2022 – the highest it has been in several decades. According to the World Bank, by 2022, more than one hundred and twenty-five countries had experienced ‘food price inflation’ in excess of 5 per cent. In countries such as Antigua and Barbuda, the additional costs associated with imports increased the rate of inflation; in our case it reached 9.2 per cent at the end of 2022. 1) Draw a graph to reflect the figures above
COVID-19 pandemic, negatively impacted inflation and the cost-of-living in Antigua and Barbuda. Of particular significance is that, as a country that imports - from the United States particularly - much of what is consumed and utilized, Antigua also imported the higher costs of production in that country. In addition to the escalation in commodity prices, the higher cost of shipping, insurance, port charges and other fees, resulted in increased cost-of-living for the country, and for every other country in the world without exception. Global inflation jumped from 4.7 per cent in 2021 to 8.8 per cent in 2022 – the highest it has been in several decades. According to the World Bank, by 2022, more than one hundred and twenty-five countries had experienced ‘food price inflation’ in excess of 5 per cent. In countries such as Antigua and Barbuda, the additional costs associated with imports increased the rate of inflation; in our case it reached 9.2 per cent at the end of 2022.
1) Draw a graph to reflect the figures above
Step by step
Solved in 3 steps with 1 images
