Russian attack on Ukraine could exacerbate already-high energy costs

Americans are already coping with the hottest inflation in four decades, and Russia's full-scale attack on Ukraine could push it even higher.

The conflict roiled the global market Thursday, pushing oil prices above $105 for the first time since 2014 and raising concerns of a prolonged inflation surge after Russia launched a broad offensive, hitting Ukrainian cities and bases with airstrikes and shelling. 

The consumer price index rose 7.5% in January, the fastest since 1982, in large part because of a spike in energy prices. Energy prices have climbed 27% over the past year, in part due to lopsided supply and demand. Consumers are traveling more, but the supply side has not kept up with the demand. 

Experts have warned that inflation and energy prices could get even worse as the crisis in Ukraine escalates.