THE soaring cost of food and fuel is a concern for the governments of rich and poor countries alike. Many households in Africa and Asia shell-out more on food and fuel as a share of total spending and so are disproportionately hit by rising prices. But in some poor countries fuel subsidies help to ease the pain.
The die-off will effect them first. And btw, isn’t fuel subsidies that abjured “socialism”? Unfortunately, such policies cannot be sustained forever.
India currently has 11% inflation and they are banning exports (which would lower their trade surplus.)