The International Monetary Fund's prescription for dealing with the cost of living crisis is likely to be seized upon by Rishi Sunak's supporters as evidence that his blueprint is the right course for the UK government to take
The report downgraded its expectations for Chinese growth this year by 1.1% to just 3.3% as it also faces inflationary pressures but also battles COVID outbreaks through shutdowns of major cities that have inflicted huge damage on its manufacturing sector.
The sanctions imposed over the war in Ukraine have exacerbated the global inflation problem as it has forced countries to scramble for alternative supplies of key commodities including wheat, sunflower oil, oil and natural gas. "Tighter monetary policy will inevitably have real economic costs, but the delay will only exacerbate them.
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