Inflation to rise as high as 10% due to war in Ukraine

Women and children trying to get onto a train bound for Lviv, at Kyiv station in Ukraine.

Inflation could spike as high as 10% in the coming months, as the fallout from the Ukraine war sends crude oil rocketing and the price of a litre of fuel hovers at around €2.

In just the past week since Russia launched its invasion, European gas prices have more than doubled, coal has surged by 85%, and crude oil has climbed by a fifth.