"Fresh food and perishables are almost like the canary in the coal mine," when energy prices go up, according to Vidya Mani, an associate professor at the University of Virginia's Darden School of Business.
We, the Ministers of Foreign Affairs of Belgium, Croatia, Estonia, Finland, Iceland, Italy, Ireland, Latvia, Luxembourg, Moldova, Norway, Poland, San Marino, Spain and Sweden, concerned by the conflict in the Middle East, are appalled by the dramatic situation and renewed escalation of violence in Lebanon, where there are already 1.2 million internally displaced persons, representing some 25% of the overall population.
Jet fuel tends to be an airline's biggest expense. An analysis by the International Air Transport Association showed that, for the week ending March 27, the weekly average price of jet fuel has skyrocketed 116.8 per cent compared to the previous year's average.
The longer this conflict goes on, the more devastating its impact will be on the world's energy supplies, inflation and economic stability. Every extra week of disruption raises costs for consumers and businesses while growth slows.