Asian Insider

Ukraine war fallout: Sanctions on Russia contribute to surge in prices around the world

Russia's invasion of Ukraine in February led to a chain reaction of commodity shortages overnight and spiralling prices. PHOTO: AFP
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The global economy faces significant headwinds in the coming years as the war in Ukraine grinds on, and experts expect countries most affected by supply chain breakdowns and commodity shortages to produce more essential goods locally.

Coming on the heels of a pandemic that triggered persistent supply chain disruptions worldwide, Russia's invasion of Ukraine in February led to a chain reaction of commodity shortages overnight and spiralling prices.

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