This is really a perfect storm of poor planning and adverse events: 1. Russia's invasion of Ukraine hit energy prices. Europe-wide Ukraine has been a bit of a

This is really a perfect storm of poor planning and adverse events: 1. Russia's invasion of Ukraine hit energy prices. Europe-wide Ukraine has been a bit of a scapegoat however as Europe is in an energy crisis in large part due to poor planning. That is, complete dependence on Russian natural gas when for almost 10 years the US saw this coming and begged Europe to build LNG ports; 2. Ukraine produces a significant amount of wheat. The war has disrupted that supply and had a large effect on wheat prices. These are pretty much back down to pre-invasion levels but this brings us to; 3. Corporate profiteering. The solution to this is windfall profits taxation. Remember when people can't afford to heat their homes and have enough to eat, that's not an inevitability to just throw your hands up at. It's a choice. The government could raises money through taxes and subsidize energy costs as a short-to-medium term measure if they wanted to. The worst part of this is how many just throw their hands up and say there's nothing we can do other than raise interest rates.