Various foreign affairs are driving up the cost of living (includes video story)

Russia and its allies are taking steps this week to drive up global gas and food prices, and Americans may soon be feeling the strains on their wallets.

This week, Moscow announced that it will no longer allow Ukraine to safely export grain. Ukraine accounts for ten percent of the world’s wheat exports, and the decision has already caused the price in global markets to rise.

“I think it will drive inflation higher, particularly in those volatile food and energy categories,” said John Leer, Chief Economist at Morning Consult.

Gas prices have also begun to edge higher as Saudi Arabia is reducing their oil production, and U.S.-Iranian tensions continue to increase in the Middle East over merchant ship defense in the critical strait.

Amanda Gray

Producer

Amanda Gray is a Cuban-American student majoring in digital media at FIU. She intends to utilize her knowledge of writing, public speaking, editing, and social media management to pursue a career in non-profit work, bringing to life her passion for communication and advocacy. Gray has enjoyed extensive international travel and uses her global perspective to highlight and serve communities.