If you think inflation is bad now, hang on to your purse strings — via financialpost inflation gas groceries COVID19
Just as the economic impact of the COVID-19 pandemic had begun to fade, new risks have emerged. Russia’s invasion of Ukraine has sent the price of commodities skyrocketing and threatens further disruptions to already weak supply chains.
Russia is one of the top three oil producers in the world and Russia and Ukraine account for about a quarter of global wheat and barley exports and 14% of corn. Russia is also a major supplier of some base metals and fertilizers. World food prices are now forecast to rise by more than 14% in 2022, four percentage points faster than before the Russian invasion, says Oxford Economics.
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