UK And Ukraine Hit Hard By The Crisis Inflation

UK oil prices have started to stabilise however the Ukraine prices continue to rise. 

Fuel is not the only commodity that has inflated due to the current situation in Ukraine and our exit from the grasp of COVID 19, house prices, gas, petrol, diesel and, food have all been inflated.

For the UK the prices have increased dramatically with a 0.8% average increase from January 2022 – February 2022 whereas in January – February 2021 there was only a 0.1% average increase.

As for the Ukraine prices have increased by a 0.7% average from January 2022 – February 2022 whereas in January – February 2021 there was only a 0.1% average increase.

Though the Ukraine inflation rate may be less, the fact that it has not stabilised during the last month as the war rages on is detrimental to the economy and could bring a tragic loss if the population cannot afford to survive.

Natural resources have also increased in price during the crisis due to their current escalation in necessity. The price of lumber has had a rapid increase since November 2021 as it has more than doubled in price as of their high demand. The decrease in supply can be dated back to the wildfires of 2020 and the mass deforestation happening currently. 

Iron ore is one other of the resources in low supply as the conflict in the Ukraine is ongoing. This may be because of the high demand for ammunition in the armed onslaught.

Ukraine overall has been impacted more than the UK. It has been affected in worse ways due to the pricing and destruction of necessary resources.

By Will C and Matthew T