Soaring oil prices won’t just cause you trouble at the tank.
Energy is one of the most critical inputs for the food supply chain, which means the impacts of the war could show up on your grocery receipt. “There’s a very strong correlation between the movement of energy prices and the movement of food prices,” Dr. Ricky Volpe, an agricultural economist and professor of agribusiness at Cal Poly, told Fortune. “We’ve seen oil top $100 a gallon before and that happened to coincide with significant food price inflation.”
