Higher food and oil prices as a result of Russia’s invasion of Ukraine could send U.S. inflation to the highest annual level since 1981, based on estimates of the impact on global supplies from Wells Fargo.
If oil remains above $100 a barrel and the Commodity Research Bureau Food Index increases 35% from the end of last year, it would add 1.3 percentage points to the consumer price index this year, according to a research note Thursday from economists led by Sarah House.
