Getty Images- As hostilities step up in Ukraine, the drumbeat of the wider economic war is getting louder. Energy and other commodity prices have been rising steeply, and the prospect of an embargo on Russian oil has accelerated that
- Food prices were already rising before war broke out, due to Covid pandemic, supply chain disruption and energy prices increasing
- As major exporters of grain and vegetable oil, conflict around the Black Sea is already disrupting shipping. As global commodities, food price inflation is gathering pace.
Four months ago, the price of Brent crude was below $70 per barrel. Last week, it rose 21%. As the new week’s trading began…
