NEWS

UN: Inflation Driven By Ukraine War Draws 71 Million Into Poverty

A U.N. study released Thursday shows the first three months of the war in Ukraine has driven up the global cost of fuel and food, creating record inflation that has helped drive 71 million people into poverty.

Speaking during a virtual news conference in Geneva, U.N. Development Program Administrator Achim Steiner said the analysis of 159 developing countries indicated that price spikes in key commodities were already having “immediate and devastating impacts on the world’s poorest households.”

The study shows that the economic shock of Russia’s invasion of Ukraine came after 18 months of COVID-19 pandemic lockdowns, which had a slower but cumulative and strong negative impact on world economies. He said the pandemic had already pushed about 125 million people into poverty.

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Edited by Jesus Chan

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