71 million people in the developing world have fallen into poverty in just three months as a direct consequence of global food and energy price surges. The impact on poverty rates is drastically faster than the shock of the COVID-19 pandemic.

UNDP's recommendation is that in response, targeted cash transfers be made to households. Cash transfers are more equitable and more cost-effective than blanket energy subsidies - but governments will need support from the multilateral system to make ends meet.