SPRINGFIELD, Mass. (WWLP) – The ongoing war in Ukraine continues to have world-wide consequences, particularly impacting food and energy prices. It’s expected that the high level of inflation being seen all over the country will continue well into next year.
Russia is a top global energy supplier, and both Russia and Ukraine are major exporters of grain. The war has been hindering the U.S. as well as other countries’ access to these supplies. 22News spoke with economics professor John Rogers at American International College in Springfield who said this is having a residual impact on the United States.
“It’s having a profound effect on the overall global economy, which then sort of washes back to us because energy prices are higher, fuel prices are higher. Even though we have our own sources of those things, the prices are set in global markets,” he explained.
The short-term solutions for people hurt the most by rising prices include; the continued raising of interest rates by central banks, climate policies that follow countries’ search for alternate energy sources, and an international effort to come together and strengthen food supplies.