New Delhi, March 7 : Amid fears of surge in fuel and food prices in the wake of ongoing Russia-Ukraine conflict, International Monetary Fund (IMF) has said that the price rise will affect the poor adversely. It has suggested that fiscal support would be needed for vulnerable section to offset rise in living costs. “Price shocks will have an impact worldwide, especially on poor households for whom food and fuel are a higher proportion of expenses. Should the conflict escalate, the economic damage would be all the more devastating,” the multilateral agency said in a statement. “The sanctions on Russia will also have a substantial impact on the global economy and financial markets, with significant spillovers to other countries,” it further said. The IMF noted that energy and commodity prices, including wheat and other grains, have surged adding to inflationary pressures from supply chain disruptions and the rebound from the Covid‑19 pandemic. It pointed out that the crisis is creating an adverse shock to both inflation and activity in many countries, amid already elevated price pressures. “Monetary authorities will need to carefully monitor the pass-through of rising international prices to domestic inflation, to calibrate appropriate responses. Fiscal policy will need to support the most vulnerable households, to help offset rising living costs. This crisis will create complex policy tradeoffs, further complicating the policy landscape as the world economy recovers from the pandemic crisis,” the IMF said. The Russia-Ukraine war entered into 12th day on March 7 stoking volatility and uncertainty across the countries. With Russia being one of the key oil and gas suppliers, global crude prices have been on the fire. Brent oil prices on Monday surged past $130 a barrel, nearly 14-year high. Other commodities such as steel and aluminium have also firmed up. NK