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Prices Are Surging Around the World, But Who Pays?

Gasoline prices are surging across Europe and beyond.

Gasoline prices are surging across Europe and beyond.

Photographer: Alessia Pierdomenico/Bloomberg

With inflation increasingly “sticky” and no major relief in sight on oil and gas prices, governments will find themselves grappling with the unpleasant task of deciding who takes on the most pain.

While handouts, subsidies and other fiscal measures are possible, budgets can only absorb so much of the rise in prices. Inevitably some actions will end up shifting the impact elsewhere. The question is how much — and where?