It would seem that the higher global inflation is largely attributable to bigger than expected indirect effects of the prices of energy, primary commodities and industrial and agricultural raw materials. In addition, inflation is driven up by the still pronounced imbalances between supply and demand, higher inflation expectations and pronounced uncertainty in commodity and financial markets.
If the protectionist measures were to reduce global growth e.g. by 1 percentage point, it may sound small – but it would in fact amount to a loss of 800 billion euros, which is roughly equivalent to 4 times Finnish GDP.