Editor’s Note: Dana Peterson is an executive vice president and chief economist at The Conference Board. The opinions expressed in this commentary are her own.
How does a war on the other side of the world impact US consumers at home? In the case of Russia’s invasion of Ukraine, it’s felt at the dinner table: Yes, the war will likely be the main topic of dinner conversation, but it will also make the food on the table a lot more expensive.
Sanctions, import bans, destruction of infrastructure, a refugee crisis, and supply chain disruptions due to the conflict in Ukraine are stoking global food prices and risking shortages. Importantly, higher prices and potentially falling inventories could mean greater food insecurity in the US and around the world. But there are actions businesses and governments can take to help ease the pain.
The war in…