Loaf..

The main impact Russia’s war against Ukraine poses on the world economy is through higher prices for energy and weaker confidence in financial markets, bolstered by strong international sanctions against Russia. 

The two countries are important suppliers of certain commodities, including titanium, palladium, wheat and corn. The war’s impact on commodity prices and therefore household spending is more important than potential contagion through trade linkages with other nations. When it comes to inflation, there are different channels to consider.  

Food. One important channel of trade spillovers is agricultural exports. According to the US Department of Agriculture, Russian and Ukrainian wheat exports are about a quarter of the global total. 

In the UK, bread and cereals have a weight of 2.1% in the CPI. While flour prices move closely with wheat prices, this is less true for bread, where the cost of production, ingredients, packaging, and advertising mean that flour is a relatively small proportion of the cost of a loaf of bread. 

Adding energy cost due to sanctions by the G7 on Russia and Russia Back and We got worldwide Recession created and promoted by the Seven rich countries decisions and as they realized the trouble, No-one care to correct it.

Haven't we learned anything in the past.  Just a thought.