Disclaimer: This article is for informational and educational purposes only.
The United States went through several crises in 2021. One of the biggest problems the United States faced was the highest inflation rate in the past three decades.
However, there was a ray of hope that 2022 would be better. But experts predicted that the upcoming inflation could be worse than the previous year.
The war between Russia and Ukraine could have a significant impact on the United States of America. Some economists even believed that inflation in America could rise to 10%.
The effects of the Russia-Ukraine conflict could be seen on a surge in energy and oil prices, higher food prices, and a huge rise in rent prices.
Surge in energy and oil prices
The Russia-Ukraine conflict increased inflation in nearly every sector. Still, one sector had a massive impact on energy and oil prices because Russia holds third place in top sources of U.S. petroleum imports in 2021.
Higher food prices
According to Trading economics, in Feb 2022, America witnessed the highest food inflation since July 1981.
Food inflation was 2.4 percent in April 2021, which now rose to 7.9 percent. And the situation could go even worse after the Russia-Ukraine conflict.
The effect of rising inflation could be seen on the pockets of the residents of the United States.
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