Rising food and petrol prices have become a major issue as the rate of inflation skyrockets, but New Zealand is not alone.
The war in Ukraine, the ongoing pandemic and supply chains are all causing shock waves through global economies. On the streets of Shanghai, Colombo, Nairobi and New York, the economic pain is the same.
More than two years into the pandemic, the streets of Shanghai have veered from being eerily quiet to an unusual sign of dissent, in the form of protests.
The shutdown in Shanghai affects the rest of the world.
“We've had significant issue in terms of port access in the few months and that's clearly continuing, demand-wise a lot of the products we sell into China are food-based products that are needed and required, but clearly there are major supply chain issues,” Finance Minister Grant Robertson said.
Then the war in Ukraine is adding to the global trend of rising food and fuel prices.
“The global economy looks a bit stuffed at the moment. We continue to see some real challenges emerging across the world,” Infometrics economist Brad Olsen said.
Food prices, particularly wheat, are being pushed up because of the war, with nearly a third of all wheat comes from Ukraine and Russia.
“It is estimated that we are importing about 60% of our wheat consumption in Kenya, even if Russia has wheat we cannot access that wheat and that becomes a disadvantage for us and that is why it is important that we really focus on us being able growing our own food,” agricultural economist Timothy Njagi said.
Exports have come to a standstill, hitting dozens of countries, especially those in the Middle East and Africa.
“Possibly I don’t understand how the war - Russian Ukraine - in so little time can affect the prices of food prices in Kenya. What we understand is that the food commodities, they are just too expensive for us, especially the low-income people,” Kenyan baker Lydia Wanjohi said.
Those on low incomes are hit hard; Sri Lanka is facing its worst economic crisis in history with increasing calls for the government's resignation.
In the United States, inflation hit 8.5% this week - a 40-year high.
US President Joe Biden made it clear who he thinks is to blame, calling it the Putin price hike.
"Putin's invasion of Ukraine is driven up gas prices and food prices all over the world. The two largest grain producers in the world, China and should be Ukraine and Russia, are not doing what they usually do," Biden said.
"So everything is going up. We saw today's inflation data, 70% of the increase in prices in March came from Putin's price hike in gasoline."
It's hurting him at the polls too.
Biden is making higher biofuel blends of gas available to curb soaring fuel costs and to cut reliance on foreign energy sources.
"Your family budget, your ability to fill up your tank. None of it should hinge on whether a dictator declares war and commits genocide half a world away," Biden said.
Just like in Aotearoa, interest rates are expected to keep rising around the world.
The bad news is there's no sign of any relief any time soon.
“We are going to find it harder and more expensive to grow as we move forward and households are going to feel the pinch hard as that very easy money goes away and is replaced with a much more tough, much more usual set of circumstances at a time when we've got very high debt and we're still trying to get over that Covid hangover,” Olsen said.
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