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.
Egypt and Turkey are top buyers of Russian wheat. But they won't be the only ones affected if shipments are delayed or sanctions disrupt exports. "Regardless of exactly where foodstuffs go, clearly if there's a shortage generally in the world, then the price is going to be driven up," May said.
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