The OECD says its analysis shows that if the moves in commodity prices and financial markets seen since the outbreak of the war proved sustained, it could reduce global growth by over 1 percentage point in the first year and push up global inflation by 2.5 percentage points.

The eurozone economy is more exposed than others to the crisis, given its closer links with Russia, including its reliance on oil and gas imports from there

Uncertainty in regard to Ukraine is a factor that markets will have to contend within the coming weeks

The Bank of England is anticipating a sharp slowdown in consumer spending

Energy prices, a record low unemployment rate and supply chain issues have contributed to higher inflation

The Fed needs to move to a neutral policy quickly and a restrictive stance later in the year if inflationary pressures do not abate.

It could force central banks to tighten policy to a greater extent than anticipated

Sterling has not been a popular currency in recent years as a result of concerns over Brexit, but it did stage a good recovery in 2021 as these worries subsided

Central banks are becoming worried that inflation is proving stronger and more persistent than had been expected

The outcome of the policy meetings held by three of the world’s main central banks last week was a distinct move towards tighter monetary conditions to a greater degree than had been expected.