The Russia, Ukraine conflict is becoming a bigger headwind for the global economy as it recovers from the COVID-19 pandemic.
rose in February by 7.9%, the highest since 1982, while producer prices jumped 10%, the highest on record.
The lion’s share of inflation is coming from energy prices. Oil closed at $104.70 last week and has gained over 39% this year pushing national gas prices to just under $4.30 per gallon, according to AAA. In California, prices are approaching $6 per gallon.
Policymakers also cut annual U.S. GDP estimates to 2.8% from 4%, in part because of the uncertainty tied to the Ukraine war."I think some of that is just an early assessment of the effects of spillovers from the war in Eastern Europe, which will hit our economy through a number of channels. Highly uncertain but, you know, you're looking at higher oil prices, higher commodity prices" said Federal Reserve Chairman Jerome Powell during his Q&A with reporters.
"We think that will weigh on GDP to some extent. So that's part of what moved the assessments down," he explained.
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