Nicholas Lewis
Established Member
The point is they [Bank of England / Office of Budget Responsibility] use Ukraine to cover there own forecast failings. All commodity prices especially gas prices have been elevated with the latter already at 3-4 times above long term average since last September. Also most of the spike ups since the invasion have rapidly been undone. ie inflationary tendencies were already baked in pre invasion but not reflected in inflation forecasts but granted they have been exacerbated since.I feel sorry for you if you think that the conflict in Ukraine is a "convenient cover" and has no effect on many different countries with energy and food supplies being disrupted. The latest news from Sri Lanka should be a good example of the area of the world that has been so affected.
Sri Lanka problems was from a corrupt govt that massively messed up its agricultural sector and then when it needed to go and replace deficiencies in its own food production it found prices had gone through the roof and they didn't have the foreign exchange to purchase it. So in part self inflicted although as usual not by the people that are in the main impacted.
I actually fear for much of Africa which is very reliant on subsidised UN food imports which have largely been sourced from Ukraine and Russia as they used to run a hefty surplus.