November 30, 2022

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Inflation sure to cause more trouble in emerging markets

1 min read

Big protests in Cuba and South Africa

Widespread looting took place in South Africa on the weekend while a rare large pro-freedom rally was held in Havana.

The trigger for the South Africa wave of protests was ostensibly the jailing of former President Jacob Zuma but also comes after further lockdowns and is partly a result of 32.6% unemployment. The rand fell 1.9% but has been recovering in the past few hours.

Keep an eye on emerging markets in the months ahead, especially if inflation remains high. Protests always have a multitude of causes but inflation is often a precondition. Recall that the Arab Spring protests — which toppled many governments — began as food inflation protests. So did the French revolution.

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