Americas, Special Report, World
Posted: 07 Jun 2022 16:30
That would translate to roughly $4 per gallon at the pump on average, he said. It might be difficult to determine how much of the change in energy prices is attributable to the conflict. Omair Sharif at Inflation Insights noted that oil. Gas prices had already been going up this year. “I don’t know when you want to start the clock on Ukraine becoming a major headline,” Sharif said. Oil may be the major story when it comes to the inflationary effects of a Russian conflict, but it is not the only one. Ukraine is also a significant producer of uranium, titanium, iron ore, steel and ammonia, and a major source of Europe’s arable land. Christian Bogmans, an economist at the International Monetary Fund, said a conflict in Ukraine could further inflate global food prices, which were set to stabilise after skyrocketing last year. Russia and Ukraine together are responsible for nearly 30% of global wheat exports, while Ukraine alone accounts for more than 15% of global corn exports, he said.
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