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UN: Governments Cannot Shield Citizens from Energy Cost Rise
A United Nations study has concluded that governments around the world are facing increasing difficulties in protecting their citizens from rising energy and food prices caused by Iran's war and other crises. It is estimated that supporting fuel subsidies could cost over a trillion dollars this year. The report indicated that the rise in oil prices, which have reached around $100 per barrel, along with increasing borrowing costs and the strongest El Niño on record, are putting significant pressure on government budgets as they take measures to alleviate the burden. The number of countries implementing consumer support measures has doubled between April and September, with expectations that this will prevent an additional 130 million people from falling below the poverty line.
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