Millions of people are experiencing the worst cost of living crisis in a generation as a result of rapidly rising food and energy costs
Breaking News

Millions of people are experiencing the worst cost of living crisis in a generation as a result of rapidly rising food and energy costs

According to UNCTAD, the UN Agency for Trade and Development, millions of people are experiencing the worst cost of living crisis in a generation as a result of rapidly rising food and energy costs, rapid inflation, and mounting debt.

The most vulnerable consumers are most badly affected.

According to UNCTAD’s estimate, a 10% increase in food costs will result in a 5% drop in household incomes for the poorest households, nearly equal to what such families would typically spend on healthcare.

When consumers want to cut costs, they will pay a large price if they choose to purchase inferior, less expensive goods.

With annual expenses over $3,000 per person, the United States estimates 43,000 deaths and 40 million injuries linked to consumer items.

At the organization’s intergovernmental summit on consumer protection held on July 18 and 19, UNCTAD Secretary General Rebeca Grynspan said, “Governments must endeavour to continue and succeed in their long-term role of protecting their consumers, a mission of renewed significance today.”

Transnational threat

Governments all throughout the world place a high priority on keeping customers safe.

According to the UNCTAD study, there is a well-established network of rules and norms that support product safety.

Developing nations with weaker systems are less equipped to control the epidemic of harmful products, according to UNCTAD, even if more industrialised nations have put in place product safety frameworks, including legislation, enforcement agencies, recall mechanisms, and communication campaigns.

Therefore, greater international cooperation is required to increase product safety for all consumers.

2020 saw the adoption of UNCTAD’s first product safety guideline. By fostering communication between consumer product safety authorities and raising awareness among firms and consumers, it seeks to stop the flow of harmful products being sold globally.

Massive potential

According to Alexander Hoehn-Saric, chair of the US Consumer Product Safety Commission, “UNCTAD’s advice has a significant potential for protecting consumers in my country and in yours, if implemented on a broad scale.”

“We can increase product safety for all of our customers by working together.”

According to UNCTAD, customers are more vulnerable because they might not be aware that country-to-country variations in health or safety regulations exist and would assume that all products available for purchase online are secure.

Because they frequently undervalue risk, customers sometimes choose the lowest options out of necessity.

Helena Leurent, director general of Consumers International, stated that “product safety is one of the fundamental pillars or generators of consumer trust,” adding that “the lack of public comprehension is a substantive concern.”

Localized is safer

60% of nations lack experience in cross-border enforcement when it comes to consumer protection, according to UNCTAD’s World Consumer Protection Map.

According to Willard Mwemba, CEO of the COMESA Competition Commission, “most African nations do not have the capability or experience to deal with the distribution of dangerous products,” but regional efforts can develop those capacities and benefit all participating countries.

High-ranking government representatives present at the UNCTAD meeting concurred that countries should prioritise blocking the cross-border sale of consumer goods known to be harmful since doing so can increase consumer confidence and promote sustainable economic growth.

Related posts:

  1. To keep the heating and lights on for their dog in the winter, dog owners may be spending close to £300 annually. In his studies, energy efficiency expert Dr. David Glew has observed numerous instances of people leaving the central heating on in their vacant homes to keep their pets warm. He cautions that having the heating on for a dog might increase the annual gas bill in a big family house by £240. Dr. Glew estimates that leaving the lights on for a pet in a few rooms for six hours a day may cost £50 a year with contemporary spotlights or £12 a year with LED lightbulbs. While leaving a fan on would only cost £5, leaving the air conditioning on throughout the entire house may cost hundreds more per year. The majority of healthy pets have enough fur to keep them warm, according to veterinarians, so turning on the heat or air conditioning is typically unnecessary. This month at the Cheltenham Science Festival, Dr. Glew, director of energy efficiency and policy at Leeds Beckett University, brought up the subject in a discussion. There is no need to leave the heater on for pets, he said, but if owners feel they must, they might think about solely heating the room the dog enjoys or lowering the thermostat or radiator dial. According to Energy Saving Trust research from 2015, 43% of pet owners leave the heat on for their animals.To keep the heating and lights on for their dog in the winter, dog owners may be spending close to £300 annually. In his studies,...
  2. Cost-of-living crisis: UK’s lowest-income households will begin getting £650 cost of living grantsFrom next month, millions of households throughout the country will begin getting their £650 cost of living grants. Rishi Sunak stated that on July 14,...
  3. How Tesco, Asda, and Sainsbury’s have increased cost of essential food items in living cost crisisPrice rises were recorded for 102 items including tinned vegetables, jam, pasta, coffee, fresh meat and cheese – whilst only 34 items were lowered in...
  4. Aldi’s management prioritizes lower costs despite “worsening” cost-of-living concerns for millions of familiesAs executives maintain their commitment to prioritizing lower pricing in the face of a “worsening” cost-of-living issue for millions of families, Aldi has won 1.5...
  5. Millions to receive £350 boost to help with rising energy costsMillions of households will receive up to £350 to help with the cost of living following a rise in the energy price cap. All domestic...
  6. Due to rising energy costs, the biggest independent food bank in Britain may close.Due to rising energy costs and a 732 percent increase in the cost of operating its refrigerators and freezers, Britain’s biggest independent food bank may...
  7. Vaccines tsar will head a new energy commission in an effort to reduce costs amid the crisis in living expenses.The former tsar for vaccinations will be in charge of a new energy taskforce that will make direct purchases of supplies in an effort to...
  8. Cleethorpes Wildlife Rescue, which is run by volunteers, says the rising cost of feed, petrol and energy bills, and a drop in donations caused by the financial crisis has left it in a perilous positionExhausted animal lovers at a wildlife rescue center claim that the rising expense of living is forcing them to close their doors to new admissions....
  9. Germany already experiencing energy crisisThe suspension of sales to Russian clients was also announced by the Spanish retail group Inditex, which owns the well-known mass-market brands Zara, Bershka, Pull...
  10. The Role of African Energy in Driving Global Energy Security by the Kosmos Energy CEO at African Energy Week 2022Andy Inglis, CEO of multinational exploration and production business Kosmos Energy, will attend and participate in African Energy Week (AEW) (AECWeek.com), Africa’s flagship event for...