It seemed silly, in March, when President Biden started calling persistent inflation “Putin’s price hike.” The price of gasoline and many other things had been soaring well before Putin ordered Russia’s invasion of Ukraine on Feb. 24, and blaming that on Putin all of a sudden was opportunistic blame-shifting.
More than 100 days into the war, however, the Russian president’s belligerence has clearly had the most pronounced effect on global prices of any single geopolitical…
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