Cost-of-living crisis has plunged 71m people into poverty: UNDP ...Middle East

NEW YORK: A spike in inflation rates has pushed 71 million people into poverty in developing nations since March 2022, the UN Development Programme (UNDP) alerts in a report released Thursday.With soaring inflation, interest rates are likely to rise, causing further recession-induced poverty to exacerbate the crisis, accelerating and deepening poverty worldwide, Xinhua reported.With depleted fiscal reserves, high levels of sovereign debt, and rising interest rates on global financial markets, developing countries face challenges that require urgent international attention.Analysis of 159 developing countries globally indicates that price spikes in key commodities are already having immediate

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