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Global economy stymied as inflation grows more persistent amid economic headwinds

Global economic growth remained stuck close to post-pandemic lows in May and inflationary pressures held near all-time highs amid the twin headwinds of the Russia-Ukraine war and COVID-19 related lockdowns in mainland China.

Supply chain delays showed only modest signs of easing, exerting further upward pressure on prices for many goods, through May also saw inflationary pressures spread further to the service sector, where input cost inflation now exceeds that of manufacturing.

However, most notably was an unprecedented spike in food production costs.

In this Global PMI Special Russia-Ukraine war special report, we provide an update on the latest economic situation following Russia's invasion of Ukraine, discussing the growth, supply chain and price impacts via input from a variety of S&P Global experts.

Read our complete analysis by clicking download below.

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Purchasing Managers' Index™ (PMI™) data are compiled by IHS Markit for more than 40 economies worldwide. The monthly data are derived from surveys of senior executives at private sector companies, and are available only via subscription. The PMI dataset features a headline number, which indicates the overall health of an economy, and sub-indices, which provide insights into other key economic drivers such as GDP, inflation, exports, capacity utilization, employment and inventories. The PMI data are used by financial and corporate professionals to better understand where economies and markets are headed, and to uncover opportunities.

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This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.