When He opened the third seal, I heard the third living creature say, “Come and see.” So I looked, and behold, a black horse, and he who sat on it had a pair of scales in his hand. And I heard a voice in the midst of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.”Revelation 6:5-6
The breaking of the third seal shall bring forth hyperinflation and food prices in particular, will soar to unimaginable levels.
TheStreet.com reported several days ago that January inflation in the United States soared to 7.5%, the highest since 1982, as energy price soars, exacerbated by an impending Fed rate hike. Accelerated inflation pressure show no signs of abating after the fastest annual increase since 1982, adding to pressures for a big rate hike from the Federal Reserve next month.
And for many economists, the further jump in prices in January serves as additional fuel to the argument that the Fed must hasten to pivot away from accommodating monetary policies and tighten financial conditions to help bring down elevated prices.
ABC News reports that inflation is causing consumer prices to soar and prices climbed at its fastest pace in four decades and now on average American families are spending $275 per month on average on everything from groceries to gas.
As the cost of goods increases, impacts are being felt in India as the prices of imported goods are also to increasing. Commodities like edible oils, pulses and most importantly, fuel, are affected by the increase in global inflation. The Economic Survey for the year also highlighted this concern – the phenomenon being known as imported inflation.
While United States and the world is battling skyrocketing inflation, this is contributing to worsening problems of food shortages. Labor shortages and lockdown policies, a tangled global supply chain, just-in-time manufacturing, deferred consumer demand, a central bank that kept the monetary pedal floored far too long and profligate Washington spending, all these, and many others, played a part. Behind everything is the pandemic that has scrambled nearly every part of global life for the past two years.
At the crossroads of Central and South Asia, Pakistan Prime Minister said half of the population in Afghanistan was in a very precarious situation due to hunger, malnutrition and food shortages. He said the present situation was already developing into one of the worst humanitarian crises in Afghanistan. “There is hunger and the Afghan winter is extremely wicked, ruthless,” he said adding people in Afghanistan were facing winter and there were food shortages and malnutrition.