Analysis: How Ukraine crisis will impact food prices, petrol and confidence

Petrol pump nozzle in car

As the world watches in horror at the unfolding Russian invasion of Ukraine over the last few days, the war will only increase pressure on UK retail in an already inflationary environment.

Just days after Russia began its invasion of Ukraine, the ripple effects of the situation are becoming clearer. For UK consumers already facing the biggest fall in living standards since the 1950s, the war will push up global energy prices, drive up commodity prices and put more pressure on consumers at the shelf edge.

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