and the increasing global cost of wholesale energy. the oil giant, shell, has made twelve billion pounds in pre—tax profits in the last three months of 2021. that's an increase from nine—hundred million—pounds in the previous quarter. joining us now is ben may — director of global macro research, 0xford economics. good to have you with us. we have been focusing on the cost of living, the rising cost of living in the uk including energy prices, rising interest rates predicted too, how is this being felt globally? it is interest rates predicted too, how is this being felt globally?— this being felt globally? it is very similar in other _ this being felt globally? it is very similar in other places, _ this being felt globally? it is very similar in other places, the i this being felt globally? it is very similar in other places, the us i this being felt globally? it is very. similar in other places, the us has seen high rises in inflation but it is a global phenomenon reflecting that the costs are seen elsewhere. does that make it difficult for any one country's government to mitigate these increases, these pressures on