WASHINGTON (Reuters] – Russia’s conflict in Ukraine is likely to have a significant impact on the global economy, U.S. Treasury Secretary Janet Yellen announced Wednesday. Noting that this war had driven prices for energy and food sharply up, it has also fueled inflationary pressures.

“It will likely be a strike to global growth,” Yellen stated at an Atlantic Council think tank event. She added that she is more worried about Europe’s recession prospects, as Europe was the most affected by disruptions to Russia’s energy supplies.

Yellen claimed that America had a “very solid economy” and a labor market. However, the United States also suffered from “strong and strong wage pressures,” inflation, as well as potential supply chain disruptions caused by COVID-19 lockdowns.