Soaring Energy Prices Triggered By Russia’s Invasion of Ukraine Could Push Up to 141 Million More People Into Extreme Poverty

Ecowatch - According to experts, it is likely that household energy costs will go up by 62.6 to 112.9 percent, a press release from the UK’s University of Birmingham said. This rise in the cost of energy will add to a 2.7 to 4.8 percent increase in household spending and the cost of living that could thrust from 78 to 141 million people around the world into extreme poverty. “High energy prices hit household finances in two ways. Fuel price rises directly increase household energy bills, whilst energy inputs needed to produce goods and services push prices up for those products as well and especially for food, which affects households indirectly,” said corresponding author and Associate Professor in Sustainable Transitions at the University of Birmingham Yuli Shan.