U.S. currency in a bull market.

DUBAI, United Arab Emirates (AP) — A staggering 71 million more people around the world are experiencing poverty as a result of soaring food and energy prices that climbed in the weeks following Russia’s war in Ukraine. The United Nations Development Program’s report released Thursday estimates that 51.6 million more people fell into poverty in the first three months after Russia invaded Ukraine, living off $1.90 a day or less. An additional 20 million people slipped to the poverty line of $3.20 a day. The UNDP recommends that rather than spending billions on blanket energy subsidies, governments instead target expenditure to reach the most impacted and affected people through targeted cash transfers.