What Unrest Provoked by Inflation Could Look Like in 2022

In early fall, we examined the implications of increasing energy prices, including their potential to generate social unrest. Since then, many countries have witnessed more generalized inflation -- which is causing prices to rise for a variety of essentials, not just the energy that consumers pay to heat their homes, cook their food and drive their cars -- suggesting that unrest risks are expanding as more countries and more items are affected. As concerns grow that inflationary pressures will persist long into 2022 it is worth examining what countries may be most vulnerable to inflation-driven unrest and how it could play out. To do so, looking back at previous episodes of unrest linked to price rises can help evaluate what could happen in the coming year....