Ukraine-Russia crisis could trigger inflation in Asia

The conflict in Ukraine and the sanctions against Russia are expected to drive energy prices in Asia, resulting in inflation, according to reports. While Asia is not a net importer of oil, analysts said higher oil prices could mean inflationary pressure and higher costs that will dampen consumer purchasing power in the region. For Southeast Asia, countries in the region are also bracing for the effect of higher prices of crude oil and natural gas, according to an Aljazeera report. Elsewhere in Northeast Asia, Japan and South Korea are anticipating higher inflation, but a limited economic effect in the short term.