Economists had hoped inflation would die down by the end of 2022.

Economists had hoped inflation would die down by the end of 2022. Russia's invasion of Ukraine threw a wrench in that forecast.

Prices for all sorts of commodities are skyrocketing as the conflict roils global markets. The US, UK, European Union, and other allies have imposed historically harsh sanctions on Russia for its attack against Ukraine, aiming to invoke enough economic pain to push Russia back to the negotiating table. On Tuesday, President Joe Biden announced the US will go a step further and ban imports of Russian oil, natural gas, and coal, severing ties to the country's massive energy sector.

The Russian economy has certainly felt the pressure. The last few weeks have seen the