An Empirical Research Analaysis on the Economic Impact of War on Citizens and Consumers: The Case of Russian Ukrainian War

Despite technological advancements, the 21st century has not been immune to military conflicts. Russia’s war against Ukraine in February 2022 is a stark reminder of this fact and serves as a crucial lesson about this perspective. This war, taking place on the “old continent” and near the borders of several EU member states, has generated global repercussions. Most of these repercussions have been seen in consumers’ behavior, and the consumers of products from the EU, America, South Korea, or other economies have felt this to the full. But how much has the manifestation of this crisis changed their behavior? This study provides a comparative analysis of the impact of the Ukraine war ( from February 2022 to December 2023) on the evolution of the Consumer Price Index (CPI) for food, non-alcoholic beverages, and energy consumer behavior in the European Union and South Korea. The research fills a gap in the literature by examining the effects of a military crisis on two economically connected regions sharing borders with the instigating country.