Russia's attack on Ukraine means these prices are going even higher
CNN
Russian President Vladimir Putin's decision to invade Ukraine could drive prices even higher at a moment when inflation is already rising at the fastest clip in decades.
Economists are racing to assess the impact of the attack, which could spark the biggest war in Europe since 1945. The conflict is unlikely to tip the global economy back into recession, they say, but market tumult, the threat of punishing sanctions and potential supply disruptions are already pushing up the wholesale price of energy and some agricultural products. Consumers will pay more for gasoline and food as a result.
"Inflation is likely to peak at higher levels that we were envisaging just a few days ago," said Ben May, director of global macro research at Oxford Economics.