Tanaiste Leo Varadkar has issued a grim warning over food prices as war breaks out between Ukraine and Russia.
It comes after Russia launched a “full-scale invasion” of Ukraine, with explosions heard across major cities.
Ukraine's President Volodymyr Zelensky has declared martial law and said the country "would defeat everyone”.
War broke in the early hours of the morning and has been condemned across the world.
And the Fine Gael leader has warned that the conflict will have a direct impact on Ireland. Mr Varadkar told the Dail that he believes the price of food will soon start to go up.
However he added that food shortages are not expected here, even though both Russia and Ukraine are major exporters of grain.
And there is more bad news as petrol prices could also continue to surge in the next few weeks, as sanctions introduced on Russia come into effect.
Russia is the world's second largest oil exporter after Saudi Arabia and is world's top producer of natural gas.
Petrol prices are rapidly approaching the €2 per litre mark, and an expert has warned that there is a chance that prices could reach even greater heights.
David Horgan, Managing Director of Petrol Resources, told The Pat Kenny Show: "The oil market has actually been quite stable since 2020, they've increased supply when it's required. However, there's an immediate problem and a longer-term problem.
"The immediate problem is that markets are nervous of the crisis in Ukraine and there's now a realisation that there's be no exploration and development in the last 10 years.
"The capacity has shrunk to below 4.5 million barrels. Demands have risen massively in that period. It takes around six weeks for the price to feed through to the pumps in Ireland. Already, we've seen a 27% rise and it could get over €2 within a matter of weeks unless the policy changes."
Meanwhile Taoiseach Micheal Martin has been among the world leaders to roundly condemn Russia's actions, saying: "I utterly condemn Russia’s indefensible attack on the sovereign people of Ukraine. Our first thoughts are with them. We will work with the EU and UN to hold Putin and his regime accountable. Russia will pay a high price for this outrageous act of aggression. We stand with Ukraine."
While Foreign Affairs Minsiter Simon Coveney added: "Russia has launched a full-scale invasion of Ukraine. God help them. Rocket attacks and explosions across the country. Make no mistake: this is a shocking murderous act of aggression against a sovereign peaceful state. EU and world needs to respond strongly.”
