High levels of inflation have now become a new reality across the globe.
The latest data by the Organization for Economic Cooperation and Development shows,
that inflation in the 38 member states hit a 31-year high in January, at 7.2 percent.
While South Korea is struggling with rising inflationary pressure of above 3 percent, that growth was relatively mild compared to others , coming in 29th among 38 member states.
The highest rate was seen in Turkey, climbing to almost 49 percent.
The country's decision to raise the minimum wage by 50 percent in January as well as higher energy and transportation costs have sent prices up across the board.
Price spirals are also looming large for the world's biggest economy, with the U.S. inflation rate hitting a 40-year high at 7.5 percent, calling for even stronger measures from the U.S. Fed, most likely in the form of rate hikes.
While the cause of inflation differs slightly from country to country, all of them are affected by the surge in energy prices.
The OECD average price for energy in January jumped more than 26 percent from the same period last year.
That figure will only get worse through March as the war in Ukraine is adding to the already tight energy market.
West Texas Intermediate crude futures topped 1-hundred-30 U.S. dollars a barrel to hit a 13-year high during Sunday's session.
The international benchmark Brent crude climbed to almost 1-hundred-40 before settling at 1-hundred-28 dollars.
That was the highest since 2008.
Experts are concerned that growing uncertainties coming from Russia's invasion of Ukraine could further drive up inflation and cripple economies.
"In terms of the economy as a whole, the growing uncertainties will add to already high energy prices, which will drive down investment and therefore put a strain on the overall economy."
Experts forecast that spiking prices of energy and grains on the back of the Ukraine crisis will likely be felt starting from March.
Kim Sung-min, Arirang News.