Consumer Price Research Articles

Predicting macroeconomic indicators from online activity data: A review

Predictors of macroeconomic indicators rely primarily on traditional data sourced from National Statistical Offices. However, new data sources made available from recent technological advancements, namely data from online activities, have the potential to bring about fresh perspectives on monitoring economic activities and enhance the accuracy of forecasting. This paper reviews the literature on predicting macroeconomic indicators, such as the gross domestic product, unemployment rate, consumer price index or private consumption, based on online activity data sourced from Google Trends, Twitter (rebranded to X) and mobile devices. Based on a systematic search of publications indexed on the Web of Science and Scopus databases, the analysis of a final set of 56 publications covers the publication history of the data sources, the methods used to model the data and the predictive accuracy of information from such data sources. The paper also discusses the limitations and challenges of using online activity data for macroeconomic predictions. The review concludes that online activity data can be a valuable source of information for predicting macroeconomic indicators. However, one must consider certain limitations and challenges to improve the models’ accuracy and reliability.

CHANGES IN AGRICULTURAL PRODUCT PRICES IN POLAND DURING THE COVID-19 PANDEMIC

The article analyzed the level and changes in prices of selected agricultural products in Poland during the COVID-19 pandemic. The scope of the analysis included data for the years 2018-2022. Central Statistical Office data on the purchase and prices of agricultural products and the consumer price index (CPI) were used. Data on purchasing prices included average annual and monthly prices for products paid to agricultural producers by purchasing entities (commercial, industrial and agricultural). The prices of carefully selected agricultural products were analyzed – three from animal production and three from plant production, i.e. pigs, poultry, cow milk and potatoes, which constitute the basis of the household consumption basket, and rye and wheat, as the basic raw materials of the food industry. In 2021-2022, the purchase prices of agricultural products, calculated as an arithmetic average, increased annually. Analyzing price changes expressed by the m/m index and the price dispersion measure, greater dynamics and, potatoes and pigs. These phenomena were reported on a larger scale in 2021-2022. Prices of selected agricultural products and the value of the price index of consumer goods and services showed similar directions of changes. Agricultural product prices and CPI values were relatively stable in 2018-2019. The highest prices of selected agricultural products, their dispersion, changes expressed in amounts and percentages, as well as CPI values, were recorded in 2021-2022. The values of seasonality indices of purchase prices for agricultural products indicated the greatest variability concerning the average prices in the season, taking the example of potato purchase prices.

Food price inflation nowcasting and monitoring

Rising food prices may rapidly push vulnerable populations into food insecurity, especially in developing economies and in low-income countries, where a substantial share of the financial resources available to the poorest households is spent on food. To capture soaring food prices and help in designing mitigating measures, we developed two complementary products: a nowcasting model that estimates official food consumer price inflation up to the current month and a daily food price monitor that checks whether the growth rate of a few basic food commodities exceeds a statistical threshold. Both products were designed with the consideration that the rapid acquisition of data and the automated extraction of insights are indispensable tools for policymakers, particularly in times of crisis. Our framework is characterized by three key aspects. Firstly, we leverage two non-traditional data sources to emphasize the importance of real-time information: a crowdsourced repository of daily food prices and textual insights obtained from newspapers articles. Secondly, our framework offers a global perspective, encompassing 225 countries and territories, which enables the monitoring of food prices dynamics on a global scale. Thirdly, results are made accessible daily via an intuitive and user-friendly interactive dashboard.

Two hours to the office, two minutes to the kitchen table: trends in local public-transportation expenditures from 2018 to 2021

The COVID-19 pandemic altered consumer spending on public transportation, including both intracity (mass transit, taxi, and limousine) and intercity (air, ship, bus, and train). According to the Consumer Expenditure Surveys, spending on public and other transportation fell 66.3 percent in 2020. With shifts toward virtual work and school attendance, many commuters’ 2 hours to the office became 2 minutes to the kitchen table. This article examines changes in dollars spent for public transportation, mainly intracity mass-transit spending from January 2018 to December 2021, among various unique demographic groups: urban and rural residency, occupation type, educational attainment, and selected metropolitan statistical areas. Essential workers generally were unable to telework. Simultaneously, private-transportation costs declined in 2020 for all, while affordability rose for many. Gasoline prices fell 46 cents (17 percent) per gallon in 2020, according to the Consumer Price Index. Furthermore, average annual income fell for certain occupational groups and rose for others (income rose 2 percent for all consumer units). A model of indifference curves and budget constraints is used to show which members of specific education groups are likely to substitute private for public transportation. Results in 2020 show that income growth and lower private-transportation costs compared with those of public transportation resulted in increased private-transportation spending of up to 5 percent, with accompanying public-transportation spending reductions of 40 to 50 percent. Although intracity mass-transit spending rebounded in 2021, it did not reach prepandemic levels.

Factors Influencing the Performance of Indonesia's Sukuk Index During the Covid-19 Pandemic

The performance of Sharia-compliant bonds or sukuk can be affected by both internal and external factors, such as coupon rates and macroeconomic variables. This study aims to examine the impact and contribution of variables, namely the volatility index (VIX index), global sukuk index, BI rate, Consumer Price Index, and exchange rates, on the return of the Indonesian sukuk index from January 2018 to February 2020 and from March 2020 to December 2022, before and during the Covid-19 pandemic. As a research method, the Vector Error Correction Model (VECM) is applied. Prior to the Covid-19 pandemic, the long-term return of the Indonesian sukuk index was driven by the VIX index, the BI rate, and exchange rates, whilst the global sukuk index had no influence. During the Covid-19 epidemic, the return of the Indonesian sukuk index was influenced by the VIX Index, the global sukuk index, inflation, and exchange rates, but was unaffected by the BI rate variable. During the Covid-19 epidemic, the return of Indonesian sukuk index was primarily driven by the global sukuk index.

Public real estate returns and inflation shocks: The central role of inflation nonneutrality

AbstractWe study the comovement of public real estate returns and inflation shocks over 1981–2022, using both survey‐based expected inflation and the Consumer Price Index (CPI). We find a complex relation that is: strongly negative during weaker‐economic (WE) times over the 1980s and 1990s, when stagflation was more a concern; strongly positive during WE times over roughly 2000–2022, when low growth with low inflation tended to be more a concern; and marginally negative otherwise. Linking inflation to both macroeconomic fundamentals and real estate operational data, we show that inflation shocks comove with changing beliefs about the underlying economic‐growth state and/or the risk premium. Thus, we argue that inflation nonneutrality has a central role in understanding our findings.

Optimal wind power capacity decision consider commitment contracts under uncertain power supply and electricity demand in China

China has been introducing reforms in the electricity market. Since 2016, electricity retailers are allowed to operate in the market once monopolized by traditional power companies. This regulatory environment demands new types of purchase contracts to remunerate the energy agents and deliver better prices for consumers fairly and sustainably. This paper proposes two new electricity purchase contracts with risk sharing mechanism and studies on wind power supplier's optimal capacity investment problem under supply and demand uncertainty. Firstly, a basic model for fixed demand contract is developed, and the optimal capacity is obtained. Secondly, the fixed commitment order contract and the forecast order contract with risk sharing mechanism are proposed to manage the fluctuation of wind power supply randomness. With backward induction, the optimal investment capacity of wind power supplier is solved, and then the fixed order quantity or forecast demand quantity of the electricity retailer can be obtained. Our results show that the fixed order quantity may have a positive influence on the wind power supplier's capacity investment decision. While, the forecast order quantity may have a negative influence on the wind power supplier's capacity investment decision. In addition, wind density has a strong influence on wind power capacity investment, and it has a positive impact on wind power supplier's profit, but it does not always have a positive impact on electricity retailer's profit. At last, based on numerical analysis, we examine how the wind density distribution coefficient change affect members' profit in the electricity supply chain. We also find that even with wind curtailment punishment, the forecast order contract can make a Pareto improvement on the whole electricity supply chain.

Monetary policy and inflation rate in the behavior of consumer sentiment in the us. A fractional integration and cointegration analysis

Consumer sentiment is a relevant tool for experts when it comes to determining the economic situation in a country, making it possible to analyze the spending trend in advance; for this reason, this paper analyzes links between monetary policy and the inflation rate in the behavior of consumer sentiment in the United States. We use methodologies based on fractional integration and fractional cointegration to obtain the stochastic properties of the monthly time series, from December 2019 to August 2022. The results using fractional integration methodologies exhibit a high degree of persistence and the consumer price index (CPI) and consumer sentiment index present a non-mean reversion I(1) behavior. Focusing on the cointegrating part, we conclude from the results that: 1) an increase in the variable “Total Monetary Base” produces an increase in the CPI, 2) the “variation in the total monetary base” in the United States does not affect consumer sentiment, and 3) a positive variation in the consumer sentiment indicator affects the increase in the inflation rate in the United States.

ANALISIS DATA PANEL TRANSMISI HARGA BERAS DI PROVINSI LAMPUNG

The aims of this research are to examine the transmission of rice prices from the producer (miller) level to the consumer vertically, and to analyze the factors that influence determination of rice princes at the producer (miller) level in Lampung Province. The type of method applied in this research was descriptive research with quantitative approach. Data analysis was carried out using panel data from January 2020 to December 2022 fron 15 regencies/cities in Lampung Province. In addition, the data in this research was also analyzed by using Asymmetric Error Correction Model (AECM) and Ordinary Least Squares (OLS). The results obtained in this research indicate that a symmetrical transmission pattern of rice prices in the short term and an asymmetrical transmission pattern in the long term are occured in Lampung Province. Factors that influence the price of rice at the producer (miller) level in Lampung Province are the consumer price of rice, the price of imported rice, rice consumption, and the producer price of corn.Key words: economic valuation, travel cost method, visitor satisfaction

The exchange rate pass‐through to domestic prices: A meta‐analysis

AbstractEstimates of the exchange rate pass‐through vary significantly across studies. Therefore, I conduct a meta‐analysis to understand why estimates differ and provide consensus for the conflicting results. The dataset includes 72 primary studies containing 1219 estimates of the pass‐through from nominal effective exchange rates to consumer prices for 111 countries. Because there are many potential causes of heterogeneity, I use Bayesian model averaging to identify the important ones. I find that results vary mainly due to a combination of country‐specific and methodological characteristics, even though factors such as asymmetry and product‐specific characteristics also play a role. The country‐specific characteristics include trade openness, exchange rate flexibility, economic development status, exchange rate persistence, and commodity dependence. On the other hand, the methodological factors include estimation methods, data characteristics, endogeneity bias, and the researcher's choice of control variables. Finally, I model the exchange rate pass‐through, taking into account asymmetry and the best practices in the literature. I find that a 1% increase in the exchange rate leads to a 0.09% decrease in the consumer price level, whereas a 1% decrease leads to a 0.19% increase.

Global Impact of Renewable Energy Innovations

This study explores how product quality, price, and promotional attractiveness impact consumer purchasing decisions on Shopee in Sidoarjo, Indonesia, using a quantitative descriptive approach with 96 respondents. The findings indicate that higher product quality and attractive promotions positively influence purchase intent, while price sensitivity also plays a role. These insights are valuable for businesses in online marketplaces like Shopee, emphasizing the importance of maintaining high product quality, competitive pricing, and effective promotions to enhance consumer decisions and market performance. Highlight: Online consumer behavior analysis Quality and price influence purchases Promotions impact buying decisions Keyword: consumer behavior, online marketplace, purchase decisions, product quality, promotional attractiveness

Unravelling the role of financial development in shaping renewable energy consumption patterns: Insights from BRICS countries

In line with the pursuit of clean and affordable energy, our study contributes to the United Nations Sustainable Development Goals (UNSDGs-7 and -13) and the global fight against climate change by offering evidence-based insights. We conducted a panel analysis of BRICS (Brazil, the Russian Federation, India, China, and South Africa) economies to investigate the relationship between financial development and renewable energy utilization. Our empirical findings highlight a positive statistical association between economic growth and renewable energy consumption, indicating that higher economic growth correlates with increased renewable energy adoption. Similarly, significant positive relationships are observed between the consumer price index and domestic credit with renewable energy consumption. Moreover, our study also uncovers a counterintuitive relationship between foreign direct investment and renewable energy consumption. These results provide valuable insights into the determinants of renewable energy consumption in BRICS countries. From a policy perspective, we advocate for robust strategies to promote the adoption and utilization of renewable energy sources alongside the implementation of policies encouraging the uptake of clean technologies. Such measures can spur economic growth and contribute to achieving low-carbon targets and sustainability goals within the BRICS economies. Practical steps, including incentives like feed-in tariffs and subsidies, can further enhance the cost-effectiveness of renewable energy adoption in the investigated bloc.

UTJECAJ ODABRANIH MAKROEKONOMSKIH VARIJABLI NA CIJENE STAMBENIH OBJEKATA U HRVATSKOJ

Recognizing the macroeconomic determinants that have a statistically significant influence on the formation of house prices is in the interest of the general public due to its informative effect on various interest groups involved in housing construction. Thus, real estate buyers, investors, as well as local government and self-government units should be interested in this information because monitoring of standard macroeconomic variables can provide conclusions about the possible development of residential property prices. Previously conducted research can be classified into four distinctive categories depending on what they take as determining variables: microelements specific to individual micro location, the impact of the COVID-19 pandemic, standard macroeconomic variables, or tourism development. The aim of this study is to analyze the influence of selected macroeconomic variables on residential property prices in Croatia. This study employs Autometrics, i.e. an automatic computer implementation of general-to-specific VAR (vector autoregressive) modelling framework and quarterly data on real GDP, domestic credit, consumer prices, interest rate, tourist arrivals and house prices in the period from March 2005 to September 2022. Performed Granger causality tests and impulse response functions analysis indicate that an increase in real GDP, domestic credit and tourist arrivals increases house prices in Croatia while an increase in consumer prices and interest rate reduces them.

Global Supply Chain Disruptions, Commodity Price Shocks and Inflation in Japan

In recent years, the concurrent occurrences of the COVID-19 pandemic and the Russian invasion of Ukraine have led to global disruptions in supply chains and a surge in commodity prices. Major advanced economies have experienced an increase in inflation rates and a decline in economic activity. Against this economic backdrop, this paper aims to address the strained condition of supply chains by employing the Global Supply Chain Pressure Index (GSCPI) alongside commodity price indices. Furthermore, it seeks to examine how fluctuations in these variables affect Japan’s macroeconomic landscape through local projection and structural Vector Autoregression (VAR). In the local projection analysis, it has been observed that the strain on supply chains induces sustained increases in consumer and producer prices, further contributing to long-term declines in production. Within the structural VAR model framework, the identification of structural shocks is conducted through sign restrictions, affirming the significance of supply chain shocks and energy and food price shocks as crucial factors contributing to recent price increases. This confirmation is supported by variance decomposition and historical decomposition analyses.

An Empirical Analysis of the European Union's Economy and Politics in the Context of the War in Ukraine

Abstract Crises will always change society. Since 2020, since the outbreak of the COVID-19 pandemic, the world economy has had many trials to overcome. Likewise, the values of states or state alliances prioritizing their citizens' medical, social, and economic well-being have also been tested. The European Union was severely affected by the COVID-19 pandemic, but two years after its appearance, another critical event would accentuate the existing problems and put it in great difficulty. This critical event is the war started by Russia against Ukraine in February 2022. Given the desire Ukraine expressed since 2014 through the EUROMAIDAN movement, the EU could not remain indifferent to what was happening there, and from the very first moments of the war, it showed its support for economic, military, and diplomatic relations towards Ukraine. Thus, the second economic power of the world had to put the decent living and well-being of its citizens to the test in order to save its people. However, it is crucial how much the standard of living of the Europeans suffered compared to the citizens of the states that also contributed to helping Ukraine. Through a difference-in-difference analysis (DID), this article aims to observe how large the discrepancy was between the sacrifice made by Europeans compared to the sacrifice made by other people regarding the values of the consumer price index and consumer confidence index. One thing is sure: regardless of cost, people's freedom, peace, and life are priceless.

Does Price Level Increase Income Inequality in Pakistan? A Disaggregated Analysis

The crucial emphasis of economic policies is to enhance socio-c wellbeing of the people in an economy. If the society is economically polarized it hampers the impact of economic policies. The crucial economic problem about which fewer economists gutsy to talk is income inequality in the world because it is the answer to a pinching question that who will benefits from the economic growth in an economy. Despite the generation of trillions of dollars each year in the world, a huge population is deprived of basic needs such as food, sanitation, security, health and education etc. When it comes to the effect of inflation on masses the situation further aggravates. Escalated price levels deprive more people from essential goods and lead towards increasing income inequality. This study has tried to estimate the impact of inflation on income distribution in Pakistan. The data was collected from Pakistan Economic Survey and Handbook of Statistics by SBP for a period of 1990 to 2022. The present study has applied Auto Regressive Distributed Lag Model (ARDL) to estimate the linkage among price levels and income inequality in Pakistan. The findings of the study have revealed both positive and negative linkage among constituents of the CPI and the income inequality. The novelty of this study is on two grounds. Firstly, the study has dissolved Consumer Price Index (CPI) into its constituents, and their Impact on income inequality has been examined, as far as finest information available to us this has never been investigated in Pakistan before. Secondly, the study has applied two proxies the GINI coefficient and Mean Log Deviation (MLD) to estimate income inequality. Thirdly, we have applied the data splicing method[1] to make one base year of CPI from various base years that has been changed over the past years in Pakistan. The study offers some useful policy implications for policy formulation in Pakistan.

A two-decade trend analysis of in-hospital outcomes and racial/ethnic disparities among hospitalized patients with lung cancer in the United States.

11035 Background: Previous research has focused largely on the disease and healthcare cost burden of lung cancer (LC),however, long-term trends of hospitalizations among LC patients (pts) in the US are limited. We aimed to describe longitudinal trends in in-hospital outcomes among hospitalized LC pts, overall and by race/ethnicity. Methods: We analyzed data from the National Inpatient Sample database, spanning 1998 to 2020. The study cohort included pts aged ≥18 years with a principal LC diagnosis. We assessed four in-hospital outcomes: 1) hospitalization, 2) mortality, 3) length of stay (LOS), and 4) total hospitalization charges (THCs). THCs were adjusted for inflation using the Medicare Hospital Care Consumer Price Index.To quantify trends, we performed weighted analyses (weighted means or proportions) and calculated P-trend using Cochran-Armitage or Jonckheere-Terpstra tests. Results: Of 791,100 pts (mean age 68.2 years), 80.4% were White, followed by 11.9% Black, 4.7% Hispanic, and 3.0% Asian or Pacific Islander (API). Among US hospitalized pts in 1998, 0.54% had a principal LC diagnosis, with hospitalization rates having decreased to 0.37% in 2020 ( P-trend<.001). By race/ethnicity, the LC hospitalization rate for White pts declined from 0.53% in 1998 to 0.39% in 2020; for Black pts, it declined from 0.35% to 0.26%; and for Hispanic pts, it declined from 0.18% to 0.12% (all P-trend<.001). In contrast, the hospitalization rate for API pts increased from 0.30% in 1998 to 0.38% in 2020 ( P-trend<.001). The overall LC-specific in-hospital mortality rate declined drastically from 15.9% in 1998 to 6.2% in 2020 ( P-trend<.001); a similar pattern was observed across racial/ethnic groups. The LOS reduced from an average of 7.9 days in 1998 to 5.9 days in 2020 ( P-trend<.001). By race/ethnicity, the LOS for White pts decreased from 7.8 days in 1998 to 5.2 days in 2020; for Black pts, it decreased from 9.0 to 7.0 days; for Hispanic pts, it decreased from 8.8 to 6.7 days; and it declined from 8.7 to 5.9 days in API pts (all P-trend<.001). THCs rose significantly from $39,706 in 1998 to $92,734 in 2020 ( P-trend<.001). In White pts, THCs rose from $39782 to $89,681; from $41,235 to $91,792 in Black pts; from $49,444 to $119,386 in Hispanic pts; and from $52,779 to $112,365 in API pts (all P-trend<.001). Moreover, the odds of female pts hospitalized with LC was higher (AOR=1.47, 95% CI=1.40-1.54, P<.001) in 2020 compared to 1998. Conclusions: In this racially diverse hospitalized LC cohort, LOS, rates of hospitalizations, and mortality rates have declined, while THCs have risen significantly, over the last 20 years. API and female pts bore a heavier burden of hospitalizations. Our findings suggest the need for targeted healthcare interventions or policies to reduce THCs and hospitalization disparities in LC pts.

Trend and burden of cancer related hospitalizations in the US: Insights from a National Inpatient Sample Database analysis.

1543 Background: Cancer-related hospitalizations constitute one of the primary drivers of cancer-related healthcare expenses. Understanding the burden and characteristics of these hospitalizations is essential to appropriately direct resources, improve outcomes, and avoid unnecessary hospitalizations. Our study sought to evaluate the national trends, reasons, disposition status, length of stay, and associated costs for cancer-related hospitalizations. Methods: We conducted a retrospective analysis of cancer hospitalizations using the 2008-2019 National Inpatient Sample. Cancer-related hospitalizations were identified using validated Clinical Classification Software (CCS) codes 11 to 45. Trends in hospitalization volume, mortality, length of stay, disposition status, and costs were analyzed overall and by cancer type, adjusted according to the US Consumer Price Index. Results: There were 371 million weighted hospitalizations from 2008 to 2019, of which 15.1% (56 million) were cancer related. The most reported cancer types were breast cancer (11.9%), secondary malignancies (11.2%), and prostate cancer (10.3%). The most common reasons for cancer-related hospitalizations were septicemia (4.8%), pneumonia (4.7%), and complications of surgical procedures or medical care (3.1%). Trend analysis showed that the total number of cancer-related hospitalizationsincreased from 12,963 to 16,500 per 100,000 hospitalizations during the study period (relative increase, 27.3%). Mortality rates decreased from 5.1% to 4.0% (relative decrease, 21.6%), while the length of stay decreased from 3.5 to 3.2 days (relative decrease, 8.6%) during the study period. Disposition to home or short-term facilities decreased (relative decrease, 3.1%), while to long-term facilities increased (relative increase, 20.6%) during the same period. Total hospitalization cost increased from $55.5 billion in 2008 to $76.4 billion in 2019 (a relative increase of 37.7%). Conclusions: Our analysis shows that while cancer-related hospitalizations and associated costs increased substantially, mortality rates, and length of stay decreased. These trends reflect rising cancer burden but improvements in hospital cancer care quality and efficiency. Ongoing efforts to optimize cancer treatment, minimize unnecessary hospitalizations, reduce length of stay, and facilitate safe discharges are needed to improve patient outcomes and control costs further. Continued surveillance and health policies should address the rising demand for high-value cancer care.[Table: see text]

Comorbid opioid use disorder and resource utilization outcomes in patients with neoplasm-related pain: A population analysis.

11040 Background: Neoplasm-related pain (NRP) is one of the most debilitating sequalae of cancer, affecting patients’ (pts) quality of life. Its intersection with opioid use disorder (OUD) adds a layer of complexity to patient care in the United States (US). As the prevalence of both conditions continues to increase, understanding the association between OUD and NRP becomes important. This study aimed to shed light on this intricate relationship by examining outcomes in resource utilization among OUD pts with NRP. Methods: We analyzed weighted data from the 2016-2020 iterations of the National Inpatient Sample database. We included pts 18 years or older with a principal discharge diagnosis of NRP with or without a secondary diagnosis of OUD. The main outcomes for the study were length of stay (LOS) and total hospitalization charges (THC) adjusted for inflation using the Medicare Hospital Consumer Price Index. Baseline sociodemographic and hospital characteristics as well as comorbidities of patients with and without OUD were compared using χ2 for categorical variables and Student’s t-test for continuous variables. Multivariable Linear regression was used to assess the relationship between comorbid OUD and resource utilization among NRP hospitalizations. Statistical significance was set at p<0.05. Results: There were 120,359 hospitalizations for NRP between 2016 and 2020. Among patients hospitalized for NRP, 3335 (2.78%) had a secondary diagnosis of OUD. The mean age of NRP pts was 60 years. Compared to patients without OUD, OUD pts were male (50.67% vs 45.47%; p = 0.0086), younger (mean age 56 vs 60 years; p<0.0001), more likely to be on Medicaid (37.48% vs 21.00%; p <0.0001) and hospitalized in urban hospitals (94.6% vs 91.37%; p = 0.0040). On multivariable linear regression, OUD was associated with an increased LOS by 0.93 days compared to non-OUD patients (95% CI: 0.265 – 1.600; p = 0.006), as well as increased THC by $9248 (95% CI: 1676.00 – 16820.41; p = 0.017) after adjusting for sociodemographic and hospital covariates. Conclusions: Our study highlights an increased resource utilization among pts with NRP and comorbid OUD. We surmise this could be due to increased tolerance to and dependence on the effects of opioids requiring more intricate multidisciplinary care in managing their pain. Recognizing this association is important for medical oncologists and other health care providers when managing NRP pts with OUD. Incorporating multimodality pain management early on admission could improve patient outcomes while optimizing healthcare resources.

The Impact of Multiple Crises on the Economy. A Comparative Analysis of GFC, COVID-19 and the Ukraine War Period

Abstract This paper aims to analyze the correlation between the gross domestic product (GDP) and its components as well as the Harmonized Consumer Price Index (HICP) total, electricity and gas by deploying principal components analysis and factor analysis on wards linkage and compare the results for GFC period, COVID-19 pandemic and the war in Ukraine period for EU27, Romania, Greece, Italy and Hungary. The result obtained show that each crisis has its specificity given their different source, GFC was borne in the financial system the COVID-19 crisis in the medical crisis and the war in Ukraine a military one and that starting with 2020 the economy has faced multiple crisis. Government consumption is found to be one of the significant variables for all crisis as a result of the efforts made by the governments to limit the negative effects of the GFC, pandemic and the war in Ukraine and HICP electricity and HICP gas due to the impact of COVID-19 on the supply chain prior to the war in Ukraine and the shortage of personnel, as well due to the sanctions applied to Russia and the fact that it is the main exporter for the European Union.