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5 Things You Need To Know, Today, on Wednesday 9th March 2022
5.Bakery chain Greggs has warned that its prices could go up for a second time this year as it faces surging costs.
Higher prices for food, energy and staff, plus tax changes mean the company's own costs will rise by between 6% and 7% it said.
4. Consumer giants including McDonald's, Coca-Cola and Starbucks have joined the list of firms halting business in Russia.
McDonald's said it was temporarily closing its 850 restaurants in Russia, while Starbucks also said its 100 coffee shops would shut.
3. A leading ratings agency has warned Russia is likely to soon default on its debts, as it downgraded the country's bonds further into "junk" territory.
Fitch Ratings slashed its assessment of Russia to almost the bottom of its scale, just days after downgrading it from investment status.
2. The US and UK are banning Russian oil and the EU is ending its reliance on Russian gas, stepping up the economic response to the invasion of Ukraine.
US President Joe Biden said the move targeted "the main artery of Russia's economy".
1. Western plans to ban or curb Russian oil and gas imports will further hit UK living standards, analysts say.
Experts say global commodity prices are set to soar even higher as a result of the UK, US and EU announcing plans to punish Moscow for invading Ukraine with the RAC predicting UK petrol prices could hit £1.60 a litre this week and £1.65 soon.