Economists had hoped inflation would die down by the end of 2022. Russia's invasion of Ukraine threw a wrench in that forecast.
Prices for all sorts of commodities are skyrocketing as the conflict roils global markets. The US, UK, European Union, and other allies have imposed historically harsh sanctions on Russia for its attack against Ukraine, aiming to invoke enough economic pain to push Russia back to the negotiating table. On Tuesday, President Joe Biden announced the US will go a step further and ban imports of Russian oil, natural gas, and coal, severing ties to the country's massive energy sector.
The Russian economy has certainly felt the pressure. The last few weeks have seen the ruble's value plummeting to record lows, the country's stock market tanking, and Russians frantically pulling cash out of banks.
There's been a great deal of spillover, too. Punitive measures targeting major Russian industries have raised the prices of key commodities like oil and natural gas. The attacks have also driven wheat prices sharply higher, as Ukraine and Russia are top producers of grain.
Those rallies are quickly lifting prices for Americans. Inflation was already running at four-decade highs before the conflict, and Russia's invasion all but guarantees price growth will get hotter before it cools off.
Here's where Americans are poised to feel the heat the most, from new cars to your favorite kind of cereal.