From WSJopinion: The war in Ukraine, and the West’s response to it, will drive dramatic further increases in energy prices and push the CPI even higher, writes judyshel
Begin with the Federal Reserve’s most pressing challenge: inflation.
Gasoline prices, which account for 4% of the overall consumer-price index, had already increased in the 12 months to December 2021 more than any other good or service in the CPI basket—some 51% for regular unleaded gas at the pump. The war in Ukraine, and the West’s response to it, will drive dramatic further increases in energy prices and push the CPI even higher.
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