Global inflation has been escalating since the start of 2021 which has become a major concern for policymakers across economies. The worldwide economic slowdown and surging prices, aggravated due to Russia and Ukraine war, have worsened global economic prospects at a time when economies were recuperating from the pandemi c -induc ed suppl y -demand imbalances. The economic consequences, visible in the commodity market, trade, and financial linkages, are retarding growth and escalating inflation further (IMF, 2022). Food, fuel, and fertilizer prices have surged globally affecting the vulnerable population, especially in low- and middleincome countries (LMIC).
