JUST IN: Consumer prices rose 7.9% year over year in February as economists say Russia’s invasion of Ukraine is triggering even steeper price increases.
“In February, ahead of the invasion, oil prices rose by, like, 10 percent, so some of that will show up in this data, but the vast majority will be in the months to come,” said Tendayi Kapfidze, the chief economist at U.S. Bank.
Adams said it would take time for the increases to work their way through the supply chain to store shelves. “Given how large this shock is, I would expect consumers to notice higher food prices over the next one to two months,” he said. But the pain will not be spread equally among U.S. households. Those who can least afford it will bear the heaviest burden.
And the longer Russia’s bloody invasion of its neighbor drags on, the more inflation will metastasize and creep up the income spectrum. “At this level of prices, I do expect demand destruction to set in,” Roach said.
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