The war between Russia and Ukraine has already begun to affect consumers in the United States. Next, we share the products where you should expect a higher price increase in the coming days.
1–Gasoline
Shortly after the army entered the Ukraine, crude oil prices shot up to more than $100 dollars a barrel, indicating that there will be higher gasoline prices here in the USA
Prices for gasoline have already been rising for some time. The average price of gasoline until Thursday was $3.54 dollars, compared to $2.66 from a year ago. However, the conflict is expected to wreak havoc with oil supplies in the conflict region. The result could be gasoline as high as $4 a gallon here in the United States.
2–Metals and Raw Materials
In recent years, Ukraine has become a major supplier of many minerals and other commodities. However, with the war looming, Ukraine’s currency began to lose value, which could increase the cost of its exports.
In addition, the US chip industry depends on neon gas from Ukraine. And many crucial elements for the manufacture of semiconductors, jet engines, automobiles and medicines come from Russia.
3–Wheat
Russia and Ukraine are two of the main wheat exporters in the world, so products made with this basic product could increase in price.
It should be remembered that the two nations export 59 millions of metric tons of wheat per year.
4–Corn
Ukraine is a major producer of corn, so the conflict could also push up corn prices corn.
And the impact could be even worse elsewhere outside of the United States, since many nations in the Middle East and Africa depend on Ukrainian corn.
5–Credit Card Debt
Inflation has been rising for some time. As a result, the Federal Reserve has been announcing that it will raise the fed funds rate several times in the coming months.
However, Russia’s invasion of Ukraine could further increase inflation, which could lead to further rate hikes .
This is bad news if you have credit card debt. As the Federal Reserve raises its fed funds rate, credit card lenders are likely to raise borrowers’ rates.
You may also be interested in:
– Attack on Ukraine has already hit Renault, would stop production in Russia
– Russian Ukraine crisis: The 4 most affected raw materials and how it will impact your pocket
– Ukraine conflict: You must moderate the consumption of gasoline, experts warn of imminent increase
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