I recently returned from the wedding of my nephew which took place in Europe. While there I asked a few people about the high inflation in Europe (~9%) and the Russian-Ukrainian war. Everyone was seriously concerned about the impacts of the war, but were less worried about the inflation. No one was blaming their country’s leaders for the inflation. They seemed to agree with most economists worldwide (including our Federal Reserve Chair Powell) that this worldwide inflation had multiple drivers, but that the economies of both the US and Europe were in strong fiscal shape and should weather this temporary storm. Drivers of the inflation that have been identified include: the pandemic recession and the recovery from that recession, supply chain disruptions, gouging by the oil and gas companies, consumers driving up demand without adequate supply available and finally the Russian-Ukrainian war which has disrupted the world economy and resulted in sharp price increases for energy and food.

Most Americans have not experienced such high inflation in their lives and while willing to complain about it, are unsure what can be done. We have also never experienced being invaded by a foreign power or governed by one, as is now occurring in Ukraine. Most of us admire the bravery and determination of the Ukrainian people to defend their country and wonder what we can do to help. Maybe we should see our battle with inflation, as our modest contribution to supporting Ukraine (a small sacrifice by comparison). We need not feel guilty for not donating more for Ukrainian causes, if we can’t afford to do that. Our country is already contributing (through our tax dollars) significant defensive weapons and other supplies. But if you can donate to this cause, no need to do much searching: the United Nations Refugee Agency is the largest and most effective organization to consider.

In addition, perhaps we can use the high inflation prices as a learning experience for our families, and especially our children, to develop useful skills. How can we live with this inflation? Here are a few suggestions: 1) Drive fewer miles and drive more slowly (closer to the speed limit), 2) Set your AC for a higher temperature, and your hot water heater at a lower 120F, 3) Do most wash in cold water, 4) Eat out less, 5) Use home-made meals as a family strengthening tool, 6) Buy less and postpone non-essential purchases for 6 months until there is more supply, and prices are lower. By driving down demand for products and services and adjusting our lives to the current situation, we can contribute to driving down inflation. We should see this opportunity as the sacrifice that we can make, which pales in comparison to what the Ukrainian people must endure. This situation is a global one, and no one political leader is either responsible for it, nor can they solve it by themselves. That is why we should also do our part.

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