#: U.S. inflation to average over 7% this year, as Russia-Ukraine conflict exacerbates supply woes, forecasting firm says
Table of Contents
“#: U.S. inflation to average over 7% this year, as Russia-Ukraine conflict exacerbates supply woes, forecasting firm says”
The Russian-Ukraine conflict could slash roughly $1 trillion worth of global economic output, a leading forecaster said Wednesday.
The London-based National Institute of Economic and Social Research said the conflict could reduce the level of global GDP by 1% in 2023, and add up to 3% to global inflation in 2022 and another 2 percentage points in 2023.
While the sanctions costs to Russia are partly offset by higher prices for gas
NG00,
and oil
CL.1,
exports, the net effect on the economy will be negative with Russian GDP expected to contract by 1.5% this year and by more than 2.5% by the end of 2023. Russian inflation is expected to soar above 20%.
In the U.S., the NIESR now expects inflation to average 7.1% this year, up from a previous estimate of 4.6%, and inflation to still grow by 3.5% next year, up from a previous estimate of 2.5%.
If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.
For forums sites go to Forum.BuradaBiliyorum.Com
If you want to read more News articles, you can visit our News category.
