With oil prices shooting up, the cost to transport physical goods around the world has already increased and is poised to continue going up the longer the war continues. “If we see the persistence of these higher (oil) prices for a period of time, then you’re going to see a persistent cost shock,” he said. Outside of grocery stores, higher prices will take much longer to appear, Weinswig added. Getting creativeBusinesses will likely explore other ways to deal with the higher fuel costs. When the war between Russia and Ukraine broke out in 2022 oil prices similarly soared and compounded already-high inflation.

Source: CNN March 12, 2026 14:43 UTC