"We can see this clearly, in energy and increasingly in food prices and the disruptions in supply chains.
"And what this does for Governments, for citizens, for businesses, is that it creates uncertainty.
"What we acknowledged is that that economic growth will slow down this year."
Meanwhile Ukraine's President is going to address the United Nations Security Council later, after widespread international condemnation to what appears to be the mass killing of civilians in the Kyiv region.
Russia denies responsibility.
It instead says the West has staged footage of bodies lying in the street.