© . A rescue worker stands inside the regional administration building, badly damaged in shelling as Russia’s attack on Ukraine continues, in Kharkiv, Ukraine, March 25, 2022. REUTERS/Thomas Peter
WASHINGTON () – The crisis between Russia and Ukraine is pushing up commodity prices and is likely to diminish the outlook for global growth in the coming year, US Treasury Secretary Janet Yellen warned on Friday. Ukraine is a major global supplier of wheat and maize, and prices have risen since Russia invaded its Eastern European neighbor last month. “We see pressure on commodity prices due to the situation between Russia and Ukraine. And it’s important oil and, but also other commodities,” Yellen said in an interview with CNBC. “And I’m concerned about spillovers to countries that are heavily dependent on wheat, for example. Wheat prices have skyrocketed and I think this will likely reduce the outlook for global growth in the coming year.” Yellen said gasoline prices could rise further and the United States was working with allies to mitigate the impact on consumers. “It is conceivable that they could go higher, but we are working with our partners to ensure sufficient global stockpiles to ensure Europe is well supplied with oil and natural gas, and to protect American consumers as much as possible. ,” she said. Yellen also said the COVID-19 pandemic and crisis in Ukraine have highlighted the need to ensure resilient supply chains for businesses. “Perhaps US companies have focused on efficiency and organizing supply chains in ways that reduce costs but compromise resilience. And supply chain resilience is a high priority for the administration. To some extent, that will lead to some redistribution,” he said. they. Disclaimer: Fusion Media would like to remind you that the data on this website is not necessarily real-time or accurate. All CFDs (Stocks, Indices, Futures) and Forex prices are not provided by exchanges but rather by market makers, and therefore prices may not be accurate and may differ from the actual market price meaning prices are indicative and not suitable for trading purposes . Therefore, Fusion Media does not bear any responsibility for any trading losses that you may incur as a result of using this data. Fusion Media or anyone associated with Fusion Media accepts no liability for any loss or damage resulting from reliance on any information, including data, quotes, charts and buy/sell signals on this website. Be fully informed about the risks and costs associated with trading the financial markets, it is one of the riskiest forms of investment possible.