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Yellen warns of "stagflationary effects" of higher food and gas prices

Janet Yellen Oil

Higher food and energy prices amid the war in Ukraine are leading to "stagflationary effects," Treasury Secretary Janet Yellen said at a press briefing Wednesday ahead of a meeting of G7 finance ministers and central bank governors in Germany.

Why it matters: Yellen noted that "spillover effects" are part and parcel of Russia's invasion, and the decision to respond to it via sanctions.

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