The early impact from the Russia-Ukraine war should be seen in the reports for the euro area later, as commodity and energy prices have soared quite substantially since then. The full impact should be felt by the broader economy in the weeks ahead but the early result should reflect higher price pressures in general.
That is already evident by the Australian and Japanese reports earlier today. Here are the details:
"Price pressures mounted in March with both input cost and output price inflation hitting record rates. Survey respondents reported higher costs across an array of categories, including fuel, wages and raw material prices, aggravated by both flooding in Australia and the Ukraine conflict." - Australia PMI report
"Firms across the Japanese private sector reported a further intensification of price pressures. Input prices rose at the fastest pace since August 2008 with businesses attributing the rise to surging raw material prices, notably energy, oil and semiconductors amid deteriorating supplier performance." - Japan PMI report
I would argue the impact felt by the euro area will be much more than the above and so, that will keep the pressure on the ECB to act in the months ahead to try and address the situation.
