Yellen: Ukraine war fallout threatens ‘stagflation,’ hunger

By FATIMA HUSSEIN
Associated Press

BONN, Germany (AP) — Treasury Secretary Janet Yellen is warning that Russia’s February invasion of Ukraine has produced a sharp increase in food and energy prices that is contributing to a slowdown in growth and creating greater risk of global stagflation. Yellen, speaking in Germany, added that the U.S. is “best positioned” to meet this economic challenge because of its strong jobs market, but she said that food shortages are a threat around the world that needs to be addressed. Her comments came as U.S. and other officials rolled out a multi-billion dollar plan to address the food security problem, a key danger facing an increasingly fragile world economy. The U.S., several global development banks and other groups collaborated on the effort.