Surging inflation is hitting consumers everywhere and the World Bank warns most governments can do nothing to stop it. It says food prices are up by nearly 40% since the beginning of Russia's attack on Ukraine. And energy costs are likely to remain high for months to come. The collective price hike is also taking a toll on consumer spending and the growth of businesses worldwide. As a consequence the World Bank expects global growth to slowdown from its previous estimate of 4.1% to 3.2%. It's also warning of a looming food crisis.

For more on this, we were joined by economist Vicky Pryce who's a board member of the Centre for Economics and Business Research.

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