Expert predicts higher gas, food prices for Metro Vancouver amid unrest in Ukraine

Russia’s invasion of Ukraine could cause gas prices in Metro Vancouver to hit more than $2 a litre and food prices may spike, according to one expert. 

Werner Antweiller is with UBC’s Sauder School of Business and is advising people to start finding ways to be more fuel-efficient. 

For example, “looking at the fuel efficiency of their cars just replaces their cars. And of course, looking also at driving electric vehicles, which are a lot cheaper by kilometre.”

This is especially tough to hear for drivers in B.C. and Quebec, which already pay the highest gas taxes nationwide.

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The same advice for drivers, Antweiller is advising grocery shoppers to also find substitutions for what food we buy if prices surge. 

“We can be more creative, for example, on nutrition,” he said. It doesn’t have to be beef meat, can it be something else … So there are all kinds of decisions we can make about what we consume. And we can actually look at what is more affordable. 

Russia is the world’s third-biggest producer of petroleum and is a major exporter of natural gas. Ukraine’s farms feed millions around the world.

And financial markets are in a precarious spot as central banks prepare to reverse years of easy-money policies and raise interest rates to fight a resurgence of inflation.

Those higher rates will likely slow spending and raise the risk of another downturn.

– With files from The Associated Press