Ukraine war pushing inflation higher, will last longer: IMF

The conflict in Ukraine is exacerbating global supply shortages and pushing food and fuel prices higher, which will cause inflation to remain high for longer than expected, the IMF said Tuesday.

Inflation is expected to hit 5.7 percent in advanced economies this year and 8.7 percent in developing nations, the Washington-based crisis lender warned in its latest World Economic Outlook.

Supply snarls in some sectors are expected to last into next year, and high inflation will be elevated for “much longer” than previously expected, the report said.