Innovation Is A Powerful Economic Lever
Unless you live on an isolated, self-sufficient island somewhere in the middle of the Pacific Ocean (in which case, you’re probably not reading this), you can’t get through a day without being impacted by the highest rates of inflation we’ve seen in 40 years.
From headline-grabbing gas prices to a 10.8% jump for groceries, and a 6.8% increase on necessities like clothes and shoes, consumers are paying more. Those who can’t are struggling trying to make do.
You don’t need an economics degree to understand the underpinnings of inflation, which is fundamentally driven by supply and demand. When the supply chain is disrupted, it can create a domino effect in the system that comes to rest on the consumer’s wallet.
There’s no need to go deep on the drivers behind the rampant inflation we’re experiencing. Many are well documented and covered daily by the media. A persisting global pandemic, the impact of increasingly severe weather events, and the war in Ukraine have created a “perfect storm” for supply chains.
The real question isn’t how we got here, but how do we get out? And, from a fundamental perspective, how do we prioritize relief in areas such as food and food distribution?