Will Red Sea Attacks Increase Prices and Inflation in Business and Economy?

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Houthi rebels have targeted ships transporting goods through the Bab al-Mandeb strait, claiming they are tied to Israel. After over 18 months of central bank interest rate hikes, inflation was expected to ease in 2024. However, the aggressive monetary tightening has been disrupted by Houthi rebel attacks in the Red Sea, leading to increased shipping and insurance costs. Geopolitical tensions are threatening to drive up the cost of living once again. With a widening war in the oil-producing Middle East region, there is potential for further financial strain. In addition, Africa’s increasing debt is hindering its development. Furthermore, the business of sleep has become a multibillion-dollar industry.

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