See the wood, not just the trees

In this month’s instalment of our visual series on topical themes, we look at whether the global economy is heading towards stagflation.

Russia’s war in Ukraine has contributed to soaring food prices, supercharging global inflation. Poorer countries will likely be hardest hit, adding to the risk of social unrest. With public finances and incomes already under strain, emerging-market debt investors should be on high alert.