JAMAICANS are being told to brace for the current inflation spike to last longer than first anticipated and be sharper than already recorded, if the conflict in Eastern Europe is protracted.

After weeks of warning that Russia is intending to invade its neighbour Ukraine, the Vladimir Putin-led country sent troops into the eastern section of Ukraine, forcing North Atlantic Treaty Organization (NATO) members to ratchet up sanctions aimed at crippling the finances of Russia, which said it had sent “peace-keeping” troops to recognise and support the industrial city of Donetsk and the breakaway state of Lugansk People’s Republic in Ukraine. These are territories which Russia believes will provide foundations for enhancing its own security.

 

Russia’s foray into Ukraine sent oil prices, which had been surging in recent times in anticipation of the conflict, surging even higher on Tuesday. Global benchmark Brent crude traded as high as US$99.50 a barrel, its highest since September 2014, before settling at $96.84 with a $1.52, or 1.5 per cent gain. US crude settled at $92.35 a barrel, up $1.28, or 1.4 per cent, on the contract’s expiration day on the New York Mercantile Exchange session.

https://www.jamaicaobserver.com/business-observer/sanctions-fallout-business-leaders-worry-about-russia-s-stoking-more-inflation-in-jamaica_244647