(Bloomberg) — Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast.

According to Chief Economist of the Organization for Economic Cooperation and Development, U.S. consumers may be affected by an increase in energy prices due to war in Ukraine. This could make it difficult for them to consolidate their finances. 

Laurence Boone, a Bloomberg Television interviewee stated that some households with lower incomes are especially exposed to energy and food which account for 30% to 50% of their total purchases. 

“These very high energy and food prices mean that some consumers, some households will be hurt, and those households, they need to be supported,” she said. “If there is this fiscal-targeted support measure for these people, then perhaps fiscal consolidation in the U.S. will be delayed a little.”

The economist’s message follows the OECD’s assessment of the economic impact of Russia’s invasion of Ukraine earlier on Thursday, in which its officials put the onus of the policy response to the crisis on governments rather than central banks. 

Boone said support for households would in fact make it easier for the Federal Reserve to continue moving “in the direction that it should” as the recovery from Covid is strong, unemployment is low and prices pressures are broad-based.

“This is a moment for fiscal policy makers,” she said. “That will also actually help inflation to be kept in check by lowering the wage-price spiral.”

©2022 Bloomberg L.P.