Russia’s invasion of Ukraine drove already rising wholesale energy prices even higher, leading governments around the world to spend billions of dollars to keep energy affordable. These government interventions helped limit the cost pass-through to retail energy prices, though household budgets were still squeezed. The latest comprehensive data shows that in 12 countries representing nearly 60% of the global population, average households saw their share of income going to home energy rise in 2022 in spite of these substantial government interventions, as energy prices still outpaced nominal wage increases. Impacts ... (full story)