Increasing Inflation

War has traditionally worsened inflation as military demands are added to domestic ones, sanctions, embargoes, and bombs worsen supply chains, and as conflicts are often financed by printing money. While some of these effects are all but guaranteed, to date US inflation, as bad as it is at 7.9% Y-o-Y, has not yet been impacted by the Russian invasion of Ukraine. However, the March data will, and inflation will worsen.