Global economy caught by storm

Consumers worldwide are starting to feel the pinch from the surge in costs coursing through the global economy.

The rebound as coronavirus restrictions are eased has exposed supply chain shortages, with firms scrambling for workers, ships and even fuel for factories, threatening the crawling economic recovery.

Shortages of warehouse workers, truckers and butchers as the world’s fifth-largest economy deals with Brexit as well as COVID is exacerbating strains being felt globally by international business.

In the United States, President Joe Biden on Wednesday urged the private sector to help ease blockages that are threatening to disrupt the U.S. holiday season.

Biden said the Port of Los Angeles would join the Port of Long Beach in working round-the-clock to unload about 500,000 containers.

Even in Japan, where weak growth has meant that prices of many things – as well as wages – have not risen much in decades, consumers and businesses are facing a price shock for basics such as coffee and beef bowls.