Mar 11, 2022

Inflation Was Already Skyrocketing Before the Russia-Ukraine Conflict

There's no doubt that the invasion will make economic matters worse, but is it truly to blame for record-high inflation?
Inflation Was Already Skyrocketing Before the Russia-Ukraine Conflict
Photo by engin akyurt / Unsplash

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In February, inflation reached 7.9%, a four-decade high. According to some analyses, current inflation costs the average American household nearly $300 per month.

Percent changes by category:

  • Used cars and trucks +41.2%
  • Gasoline +38%
  • Energy +25.6%
  • Electricity +9%
  • Food +7.9%

Ties to the war: The consensus is that the conflict in Ukraine will worsen our current inflation crisis. Russia plays a significant role in global energy and other commodity markets. With its recent retaliatory export bans, supply will decrease, demand will remain high, and prices will soar.

  • Russia is a major exporter of oil, metals, coal, wheat, fertilizer, and more.

Biden administration blames Putin: Inflation has been steadily rising under President Joe Biden. Despite the recent February numbers depicting America’s rates before the Russia-Ukraine conflict, the White House is calling it Vladimir Putin’s “price hike:”

“Today’s inflation report is a reminder that Americans’ budgets are being stretched by price increases and families are starting to feel the impacts of Putin’s price hike.”

Big picture: As it moves to approve a $1.5 trillion spending package, the Biden administration blames Putin for record-high inflation rates.

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