Global growth is projected to be subdued
Commodity prices have risen sharply since the invasion of Ukraine
The impact of commodity price shocks varies across emerging‑market economies
Russia and Ukraine are important suppliers of many agricultural products
Many lower-income countries rely heavily on cereal and fertiliser imports from Russia and Ukraine
Observed participation and employment rates for refugee women and for European migrant women
Monthly financial support for a single Ukrainian refugee in accommodation
Many activity indicators have recently weakened
Higher inflation is hitting real wage growth
The surge in food and energy prices has disproportionately affected lower-income households
Perceptions and expectations of euro area consumer price inflation by income quartile
Most OECD countries are experiencing labour shortages
Financial market volatility has risen
Financial market conditions have tightened
Trade in goods is decelerating and new export orders have declined
Renewed supply chain disruptions and delays are starting to appear
Shortages of intermediate products have risen in Germany after the onset of the war in Ukraine
Headline and core inflation have risen sharply over the past year
Large price increases are more widespread in the United States than the euro area
The profile and composition of inflation has reflected the effects of the pandemic
Lower household saving ratios will be needed to support consumption given weak income growth
Inflation projections have been revised up in most countries
GDP growth in most countries has been revised down in 2022
Growth slowed and inflation surged following the 1973 oil price shock
Trade growth is set to moderate
Sizeable output declines could occur in some sectors in Europe if energy inputs from Russia were suddenly stopped
The share of Russian gas in total European gas imports has already declined sharply
An embargo on gas supplies from Russia would hit growth and raise inflation in Europe
Russia and Ukraine are major suppliers of many metals
Several iron and steel products from Russia and Ukraine are particularly vulnerable to disruption
Producer prices have risen more sharply than consumer prices
The behaviour of the PPI over the past year explains much of current headline inflation
The outlook for consumer price inflation depends on the evolution of producer prices
Household inflation expectations have risen but financial market measures generally remain better anchored
Corporate debt sustainability metrics are still favourable
Real house prices rose strongly in OECD countries during the pandemic
Fixed-rate mortgages and moderate debt service ratios limit risks in housing markets
Household debt and net financial worth in selected OECD countries
Bond and equity markets reflect substantial repricing across emerging-market economies
High public debt in emerging-market economies restrains lending to the private sector
Commodity price shocks may worsen imbalances in some emerging‑market economies
Quantitative tightening has started in some countries
Monetary policy normalisation is gathering pace
New budget priorities have often moderated consolidation efforts
Support to energy consumers has been widespread and diverse
The implicit interest rate on public debt is bottoming out
Food and energy shares in consumption are large in emerging‑market economies