'Forget about 80p for bread': Fears Ukraine war will be disastrous for cost of living crisis

A Conservative MP has warned the war in Ukraine will have a disastrous impact on food and energy prices in the UK.

Vladimir Putin has launched a "full-scale invasion" of Ukraine with explosions being heard across the country and Ukrainian president Volodymyr Zelenskyy confirming missile strikes on his country.

Conservative MP Tom Tugendhat, chair of the foreign affairs select committee, has warned the conflict could have a devastating effect on the escalating cost-of-living crisis across the UK.

"If we let this pass, then you can forget about petrol £1.70 a litre [for petrol], which is where it’s heading right now," Tugendhat said, shortly after the invasion was launched.

"It will be significantly higher, and you can forget about bread at 80, 90, £1 a loaf...

"You know, 10% of the world’s wheat is grown in Ukraine - and the idea that this year is going to be a good crop... I’m afraid this for the birds.

"This is absolutely going to be one of those moments where we’re going to see the cost of living crisis driven by war."

Europe heavily relies on commodities coming out of both Russia and Ukraine, triggering fears that a war in the region will drive up prices even further.

Ukraine is the biggest supplier of wheat to the continent, meaning it is likely essentials - such as bread - will will also see price increases.

Russia provides up to 40% of Europe's gas supplies, with warnings that Putin may hike gas prices in retaliation to sanctions from the West.

Tugendhat was also highly critical of Boris Johnson, accusing the prime minister and Nato allies of a "weak" response to Russia.

"I’m afraid weak sanctions like the ones that we introduced on Monday just encourage others to believe that we are weak, because we’re clearly not willing to do anything serious," he said.

"So what that did I’m afraid, on Monday, was it didn’t deter - it encouraged, because it gave the suggestion... that we weren’t willing to do anything serious now.

"If we are going to do sanctions... we need to do them extremely hard and extremely early."

He added: "The point is, is that Vladimir Putin is sitting on a $600bn reserve war chest - he’s got no shortage of customers for his gas in China and elsewhere in Asia... he would have priced in ratcheting up of sanctions, and obviously doesn’t care."

Putin has made a string of unsubstantiated claims that his decision to invade Ukraine is in response to threats from the country to Russia, which Ukraine have flatly denied.

It comes after weeks of attempts at diplomacy from the West, and warnings from the US and Nato allies that a full-scale invasion with imminent.

In a last-ditch plea in the early hours of Thursday morning before the invasion began, the Ukrainian president renewed his calls for de-escalation - but also said Ukraine would fight to defend herself.

"We will defend ourselves," said Zelenskyy.

"When you attack, you will see our faces, not our backs."

Watch: Russia launches invasion of Ukraine after Putin orders 'specialised military operation'