The war spending itself is trivial, but the war has a bunch of knock-on effects on the global economy. Most directly, it raises fossil fuel prices, which affect

The war spending itself is trivial, but the war has a bunch of knock-on effects on the global economy. Most directly, it raises fossil fuel prices, which affects everything else. It's not the biggest part of inflation, but it's piled on top of things like post-COVID realignment and the very long low-inflation, low-interest-rate 2010s.