IMF chief says 2022 going to be a 'tough year'

The managing director of the International Monetary Fund (IMF) said in Davos on Monday that 2022 would be a "tough year" as several countries continued to deal with commodity price shocks.

Speaking at the World Economic Forum's annual gathering, Kristalina Georgieva said one of the biggest problems is surging food prices, fuelled in part by Russia's military operation.

Georgieva did say however that oil prices have decreased in recent weeks. She explained that consumers could "shrink the use of petrol," resulting in the drop in prices, but had to still "eat every day," causing the price rise, amid the conflict in Ukraine.