News

Price spikes since March push 71 million into poverty: UN

July 7, 2022 04:36 PM


Soaring global food and energy prices have forced 71 million people into poverty in the world's poorest countries, according to a United Nations Development Program report published Thursday.

The rise in the developing world's poverty rates over the past three months "is drastically faster than the shock of the COVID-19 pandemic," said the UNDP in a press release, blaming the price surges in part on the war in Ukraine.

To address the growing issue, the UNDP said "targeted cash transfers to households are more equitable and more cost-effective than blanket energy subsidies," but the UN agency added that governments will "need support from the multilateral system to make ends meet."

The UNDP also warned in its report that as central banks raise interest rates to tackle inflation, "there is a risk of triggering further recession-induced poverty that will exacerbate the crisis even more, accelerating and deepening poverty worldwide."

The report examined 159 countries, and found the situation to be most critical in the Balkans, the Caspian Sea region and sub-Saharan Africa, particularly in the Sahel.

"Unprecedented price surges mean that for many people across the world, the food that they could afford yesterday is no longer attainable today," said UNDP head Achim Steiner.

"This cost-of-living crisis is tipping millions of people into poverty and even starvation at breathtaking speed and with that, the threat of increased social unrest grows by the day," he warned.

Among the countries facing the most severe consequences of surging prices, according to the report, are Armenia, Uzbekistan, Burkina Faso, Ghana, Kenya, Rwanda, Sudan, Haiti, Pakistan, Sri Lanka, Ethiopia, Mali, Nigeria, Sierra Leone, Tanzania and Yemen.



Most Read

  1. Stormy rain warning: Holiday in Sindh schools tomorrow Stormy rain warning: Holiday in Sindh schools tomorrow
  2. Bilal Abbas and Sarah Khan's 'Abdullahpur Ka Devdas' on YouTube from March 1 Bilal Abbas and Sarah Khan's 'Abdullahpur Ka Devdas' on YouTube from March 1
  3. Fire breaks out in PACE shopping mall in Lahore Fire breaks out in PACE shopping mall in Lahore
  4. COAS Gen Asim lauds ASP Shehrbano’s selfless devotion to duty COAS Gen Asim lauds ASP Shehrbano’s selfless devotion to duty
  5. CM Maryam slaps total ban on postings and transfers CM Maryam slaps total ban on postings and transfers
  6. Dananeer Mobeen's heartbreak video faces criticism Dananeer Mobeen's heartbreak video faces criticism

Opinion

  1. Literate the Religious Illiterate
    Literate the Religious Illiterate

    By Dr Asif Channer

  2. THE SECRET WAR: Public Interest Vs Official Secrets Act 1923
    THE SECRET WAR: Public Interest Vs Official Secrets Act 1923

    By Syed Aun Mohammed Bokhari

  3. Political Opportunism and the 18th Constitutional Amendment
    Political Opportunism and the 18th Constitutional Amendment

    By Muhammad Asad Ayaz

  4. To Know and Not to Know
    To Know and Not to Know

    By Abdullah Bin Tahir

  5. Gender equality: A pre-requisite for a balanced society
    Gender equality: A pre-requisite for a balanced society

    By Mehak Sabir