![]() ![]() While in Sri Lanka, a mass uprising led to the removal of the country's sitting president, as protesters cited frustration over the fastest inflation rate in Asia. Over the summer, Colombia elected the first leftist president in its history as the inflation rate soared near 10%. ![]() Her tenure in office lasted just 44 days before market reaction and political disarray led to her stepping down. Meanwhile, in England, Prime Minister Liz Truss responded to the highest inflation in four decades with an economic policy centered on tax cuts and energy price controls. In Brazil, where President Jair Bolsonaro cut taxes on fuel and electricity in an effort to slash prices over the months preceding an election that concluded in October, the nation nevertheless replaced him with a leftwing challenger. manifestation of what everyone else is dealing with," he added. "A lot of what we're seeing and feeling is a U.S. MORE: Gas prices could decide the midterms. "It's driving a level of unhappiness among populations that's definitely putting pressure on governments." "This is a global inflationary shock – many countries are seeing inflationary pressure they haven't seen since the 1970s and 1980s," Robert Kahn, the managing director of global macro-geoeconomics at the New York-based Eurasia Group, told ABC News. While experts cautioned against generalizations that diminish other issues or political dynamics at play within a given country, they noted how frustration over living costs has animated efforts to change political leadership in ways that resemble voter sentiment in the U.S. Global inflation during the pandemic era has helped drive public opposition toward incumbent parties and politicians, contributing to shifts in power across a host of countries over the past year, some financial experts told ABC news. In fact, the issue may be enough to drive the incumbent party out of power – just as it has helped fuel government turnover across the globe, some experts told ABC News. As the midterm elections begin, sky-high prices for essentials like food and gasoline have become a major line of criticism leveled at Democrats, who control the White House and Congress. ![]()
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