Yellen: Ukraine crisis likely to slow global economic growth

"We are seeing pressures on commodity prices due to the situation between Russia and Ukraine, most importantly oil and natural gas, but also other commodities," US Treasury Secretary Janet Yellen said in an interview with CNBC. Yellen added, "I am concerned about the implications for countries, for example that rely heavily on wheat.

Wheat prices are going up and I think it is likely to reduce the prospects for global growth over the next year." "Perhaps American companies have focused on efficiency and organizing supply chains in ways that reduce costs but impede flexibility," Yellen explained.