[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108660-en":3,"doc-seo-108660-105":30,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},108660,7971461740909,"Levi","https://ap-avatar.wpscdn.com/davatar_155a257f0dc6eb9ab79c44ca47cae57d",8,"Research & Report","Commodity Markets Outlook - April 2022 - The Impact of the War in Ukraine on Commodity Markets - Special Focus","The Russian invasion of Ukraine disrupted global commodity supply, amplifying existing stresses in energy and agricultural markets after the COVID-19 recovery. Commodity price volatility surged, with food prices reaching the highest levels since the 2007–08 spikes and energy and fertilizer prices rising sharply. Supply interruptions, higher input costs, and geopolitical risk premia drove record highs for commodities such as coal, natural gas, nickel, and wheat. These shocks heightened inflation pressures and threaten downstream industries including food, construction, petrochemicals, and transport.","Public Disclosure Authorized Public Disc losure Authorized Public Disclosure Authorized  \n􀀁􀀂􀀃􀀄􀀅􀀆􀀇 􀀉􀀊􀀄􀀋􀀁  \n􀀁e Impact of the War in Ukraine on Commodity Markets  \n􀀌􀀍􀀎 􀀃􀀏􀀐􀀑􀀊􀀅 􀀇􀀒 􀀅􀀍􀀎 􀀓􀀑􀀆 􀀋􀀄 􀀔􀀕􀀆􀀑􀀋􀀄􀀎􀀇􀀄 􀀖􀀇􀀏􀀏􀀇􀀈􀀋􀀅􀀗 􀀘􀀑􀀆􀀕􀀎􀀅􀀙  \n􀀁􀀂􀀃 􀀅􀀆􀀇􀀇􀀈􀀉􀀊 􀀈􀀊􀀋􀀉􀀇􀀈􀀌􀀊 􀀌􀀍 􀀎􀀏􀀐􀀉􀀈􀀊􀀃 􀀂􀀉􀀇 􀀑􀀃􀀃􀀊 􀀉 􀀒􀀉􀀓􀀌􀀐 􀀇􀀂 􀀌􀀔􀀏 􀀕􀀌 􀀔􀀌􀀒􀀒􀀌􀀖􀀈􀀕􀀗 􀀒􀀉􀀐􀀏􀀃􀀕􀀇􀀘 􀀁􀀂􀀃 􀀙􀀉􀀐 􀀂􀀉􀀇 􀀚􀀃􀀖 􀀕􀀌 􀀇􀀈􀀛􀀊􀀈􀀍 􀀈􀀔􀀉􀀊􀀕􀀖􀀈􀀇􀀐􀀆􀀜􀀕􀀈􀀌􀀊􀀇 􀀕􀀌 􀀕􀀂􀀃 􀀜􀀐􀀌􀀖􀀆􀀔􀀕􀀈􀀌􀀊 􀀉􀀊􀀖 􀀕􀀐􀀉􀀖􀀃 􀀌􀀍 􀀔􀀌􀀒􀀒􀀌􀀖􀀈􀀕 􀀈􀀃􀀇 􀀍􀀌􀀐 􀀙􀀂􀀈􀀔􀀂 􀀅􀀆􀀇􀀇􀀈􀀉 􀀉􀀊􀀖 􀀎􀀏􀀐􀀉􀀈􀀊􀀃 􀀉􀀐􀀃 􀀏􀀃􀀗 􀀃􀀝􀀜􀀌􀀐􀀕􀀃􀀐􀀇􀀘 􀀞􀀐􀀈􀀔􀀃􀀇􀀂􀀉􀀋􀀃 􀀐􀀈􀀇􀀃􀀊 􀀇􀀂􀀉􀀐􀀜􀀚􀀗 􀀍􀀌􀀐 􀀉􀀚􀀚 􀀃􀀊􀀃􀀐􀀛􀀗 􀀔􀀌􀀒􀀒􀀌􀀖􀀈􀀕􀀈􀀃􀀇 􀀉􀀊􀀖 􀀇 􀀌􀀒􀀃 􀀍􀀌􀀌􀀖 􀀔􀀌􀀒􀀒􀀌􀀖􀀈􀀕􀀈􀀃􀀇 􀀈􀀊􀀔􀀚􀀆􀀖􀀈􀀊􀀛 􀀙􀀂􀀃􀀉􀀕 􀀉􀀊􀀖 􀀌􀀈􀀚􀀇􀀃􀀃􀀖􀀇􀀘 􀀁􀀂􀀈􀀇 􀀈􀀊􀀕􀀆􀀐􀀊 􀀂􀀉􀀇 􀀐􀀉􀀈􀀇􀀃􀀖 􀀃􀀊􀀃􀀐􀀛􀀗 􀀉􀀊􀀖 􀀍􀀌􀀌􀀖 􀀇􀀃􀀔􀀆􀀐􀀈􀀕􀀗 􀀔􀀌􀀊􀀔􀀃􀀐􀀊􀀇 􀀃􀀇􀀜􀀃􀀔􀀈􀀉􀀚􀀚􀀗 􀀍􀀌􀀐 􀀕􀀂􀀃 􀀜􀀌􀀌􀀐􀀃􀀇􀀕 􀀂􀀌􀀆􀀇􀀃􀀂􀀌􀀚􀀖􀀇􀀘 I􀀊 􀀐􀀃􀀇􀀜􀀌􀀊􀀇􀀃 􀀕􀀌 􀀜􀀐􀀈􀀔􀀃􀀂􀀈􀀏􀀃􀀇 􀀜􀀌􀀚􀀈􀀔􀀗􀀒􀀉􀀏􀀃􀀐􀀇 􀀂􀀉􀀋􀀃 􀀌􀀍􀀕􀀃􀀊 􀀇􀀌􀀆􀀛􀀂􀀕 􀀕􀀌 􀀜􀀐􀀌􀀋􀀈􀀖􀀃 􀀐􀀃 􀀚􀀈􀀃􀀍 􀀕􀀌 􀀔􀀌􀀊􀀇􀀆􀀒􀀃􀀐􀀇 􀀋􀀈􀀉 􀀇􀀆􀀑􀀇􀀈􀀖􀀈􀀃􀀇 􀀌􀀐 􀀚􀀌􀀙􀀃􀀐 􀀕􀀉􀀝􀀃􀀇; 􀀂􀀌􀀙 􀀃􀀋􀀃􀀐 􀀕􀀂􀀃􀀇􀀃􀀉􀀐􀀃 􀀛􀀃􀀊􀀃􀀐􀀉􀀚􀀚􀀗 􀀈􀀊􀀃􀀍􀀍􀀃􀀔􀀕􀀈􀀋􀀃 􀀐􀀃􀀒􀀃􀀖􀀈􀀃􀀇 􀀉􀀊􀀖 􀀒􀀉􀀗 􀀃􀀝􀀉􀀔􀀃􀀐􀀑􀀉 􀀕􀀃 􀀇􀀆􀀜􀀜􀀚􀀗 􀀇􀀂􀀌􀀐􀀕􀀉􀀛􀀃􀀇􀀘 􀀞􀀌􀀚􀀈􀀔􀀗􀀒􀀉􀀏􀀃􀀐􀀇 􀀔􀀉􀀊 􀀑􀀃􀀕􀀕􀀃􀀐 􀀒􀀈􀀕􀀈􀀛􀀉 􀀕􀀃 􀀕􀀂􀀃􀀈􀀒􀀜􀀉􀀔􀀕 􀀌􀀍 􀀂􀀈􀀛􀀂􀀃􀀐 􀀜􀀐􀀈􀀔􀀃􀀇 􀀌􀀊 􀀚􀀌􀀙-􀀈􀀊􀀔􀀌􀀒􀀃 􀀂􀀌􀀆􀀇􀀃􀀂􀀌􀀚􀀖􀀇 􀀕􀀂 􀀐􀀌􀀆􀀛􀀂 􀀕􀀉􀀐􀀛􀀃􀀕􀀃􀀖 􀀒􀀃􀀉􀀇􀀆􀀐􀀃􀀇 􀀈􀀊􀀔􀀚􀀆􀀖􀀈􀀊􀀛 􀀔􀀉􀀇􀀂 􀀕􀀐􀀉􀀊􀀇􀀍􀀃􀀐􀀇􀀘 􀀞􀀉􀀇􀀕􀀔􀀌􀀒􀀒􀀌􀀖􀀈􀀕􀀗 􀀜􀀐􀀈􀀔􀀃 􀀇􀀂􀀌􀀔􀀏􀀇 􀀈􀀊􀀖􀀆􀀔􀀃􀀖 􀀜􀀌􀀚􀀈􀀔􀀗 􀀉􀀊􀀖 􀀒􀀉􀀐􀀏􀀃􀀕 􀀐􀀃 􀀇􀀜􀀌􀀊􀀇􀀃􀀇 􀀕􀀂􀀉􀀕 􀀚􀀃􀀖 􀀕􀀌 􀀈􀀊􀀔􀀐􀀃􀀉􀀇􀀃􀀖 􀀇􀀌􀀆􀀐􀀔􀀃􀀇 􀀌􀀍 􀀇􀀆􀀜􀀜􀀚􀀗 􀀉􀀊􀀖 􀀍􀀌􀀐 􀀌􀀈􀀚􀀜􀀐􀀈􀀔􀀃 􀀇􀀂􀀌􀀔􀀏􀀇 􀀛􀀐􀀃􀀉􀀕􀀃􀀐 􀀔􀀌􀀊􀀇􀀆􀀒􀀜􀀕􀀈􀀌􀀊 􀀃􀀍􀀍􀀈􀀔􀀈􀀃􀀊􀀔􀀗 􀀉􀀊􀀖 􀀇􀀆 􀀑􀀇􀀕􀀈􀀕􀀆􀀕􀀈􀀌􀀊 􀀉􀀙􀀉􀀗 􀀍􀀐􀀌􀀒 􀀌􀀈􀀚􀀘 O􀀋􀀃􀀐 􀀕􀀈􀀒􀀃 􀀕􀀂􀀃 􀀐􀀃􀀔􀀃􀀊􀀕 􀀇􀀜􀀈􀀏􀀃 􀀈􀀊 􀀜􀀐􀀈􀀔􀀃􀀇􀀙􀀈􀀚􀀚 􀀚􀀈􀀏􀀃􀀚􀀗 􀀌􀀊􀀔􀀃 􀀉􀀛􀀉􀀈􀀊 􀀇􀀜􀀆􀀐 􀀒􀀌􀀐􀀃 􀀃􀀍􀀍􀀈􀀔􀀈􀀃􀀊􀀕 􀀃􀀊􀀃􀀐􀀛􀀗 􀀔 􀀌􀀊􀀇􀀆􀀒􀀜􀀕􀀈􀀌􀀊 􀀉􀀊􀀖 􀀉 􀀍􀀉􀀇􀀕􀀃􀀐 􀀕􀀐􀀉􀀊􀀇􀀈􀀕􀀈􀀌􀀊 􀀉􀀙􀀉􀀗 􀀍􀀐􀀌􀀒 􀀍􀀌􀀇􀀇􀀈􀀚 􀀍􀀆􀀃􀀚􀀇􀀜􀀉􀀐􀀕􀀈􀀔􀀆􀀚􀀉􀀐􀀚􀀗 􀀈􀀍 􀀇􀀆􀀜􀀜􀀌􀀐􀀕􀀃􀀖 􀀑􀀗 􀀉􀀜􀀜􀀐􀀌􀀜􀀐􀀈􀀉􀀕􀀃 􀀜􀀌􀀚􀀈􀀔􀀗 􀀐􀀃􀀇􀀜􀀌􀀊􀀇􀀃􀀇􀀘 F􀀌􀀌􀀖 􀀜􀀐􀀌􀀖􀀆􀀔􀀕􀀈􀀌􀀊 􀀉􀀕 􀀕􀀂􀀃 􀀛􀀚􀀌􀀑􀀉􀀚 􀀚􀀃􀀋􀀃􀀚 􀀙􀀈􀀚􀀚 􀀉􀀚􀀇􀀌 􀀐􀀃􀀇􀀜􀀌􀀊􀀖􀀕􀀌 􀀔􀀂􀀉􀀊􀀛􀀃􀀇 􀀈􀀊 􀀐􀀃􀀚􀀉􀀕􀀈􀀋􀀃 􀀜􀀐􀀈􀀔􀀃􀀇􀀘 H􀀌􀀙􀀃􀀋􀀃􀀐 􀀕􀀂􀀃 􀀆􀀊􀀔􀀃􀀐􀀕􀀉􀀈􀀊􀀕􀀈􀀃􀀇 􀀍􀀌􀀐 􀀍􀀌􀀌􀀖 􀀇􀀆􀀜􀀜􀀚􀀗 􀀉􀀋􀀉􀀈􀀚􀀉􀀑􀀈􀀚􀀈􀀕􀀗 􀀇􀀕􀀃􀀒􀀒􀀈􀀊􀀛 􀀍􀀐􀀌􀀒 􀀕􀀂􀀃 􀀙􀀉􀀐 􀀉􀀐􀀃􀀂􀀈􀀛􀀂 􀀉􀀊􀀖 􀀚􀀌􀀙-􀀈􀀊􀀔􀀌􀀒􀀃 􀀔􀀌􀀆􀀊􀀕􀀐􀀈􀀃􀀇 􀀒􀀉􀀗 􀀂􀀉􀀋􀀃 􀀆􀀐􀀛􀀃􀀊􀀕 􀀊􀀃􀀃􀀖 􀀇 􀀍􀀌􀀐 􀀈􀀊􀀕􀀃􀀐􀀊􀀉􀀕􀀈􀀌􀀊􀀉􀀚 􀀉􀀇􀀇􀀈􀀇􀀕􀀉􀀊􀀔􀀃 􀀍􀀌􀀐 􀀉 􀀜􀀐􀀌􀀚􀀌􀀊􀀛􀀃􀀖 􀀜􀀃􀀐􀀈 􀀌􀀖􀀘  \n􀀃􀀄􀀅􀀆􀀇􀀈􀀉􀀊􀀅􀀋􀀇􀀄  \nThe Russian invasion of Ukraine has caused major disruptions to the supply of commodities. Both countries are key exporters of energy and agricultural products. The disruptions have exacerbated existing stresses in commodity markets following the recovery from the COVID- 19 pandemic, which saw rebounding global demand and constrained supplies after 2020. As a result, commodity price volatility has surged, with food prices reaching levels not seen since the 2007-08 price spikes. Beyond their broader impact on inflation, supply disruptions of key commodities could severely affect a wide range of industries, including food, construction, petrochemicals, and transport. Concerns about energy and food security have already prompted ad hoc policy responses to bolster national selfsufficiency and reduce energy prices for consumers; however, these policies often fall short of effectively solving the underlying problems.  \nAgainst this background, this Special Focus addresses the following questions:  \n• What has been the near-term impact of the war on commodity markets?  \n• What are the main lessons of past commodity price shocks?  \n• What are the key policy implications?  \n􀀚􀀎􀀑􀀆􀀛􀀅􀀎􀀆􀀏 􀀋􀀏􀀐􀀑􀀊􀀅 􀀇􀀒 􀀅􀀍􀀎 􀀜􀀑􀀆􀀇􀀄 􀀊􀀇􀀏􀀏􀀇􀀈􀀋􀀅􀀗 􀀏􀀑􀀆􀀕􀀎􀀅􀀙  \nCommodity prices surged in the immediate aftermath of the war in Ukraine, particularly for commodities for which Russia and Ukraine are key exporters (figure SF.1). Commodity prices have been extremely volatile, with volatility for some commodities (e.g., coal, nickel, and wheat) reaching record highs in February and March 2022. 􀀁e recent rise in prices reflects supply disruptions, higher input costs, and geopolitical risk premia. It comes on top of already tight commodity markets driven by a strong demand recovery from the pandemic, and numerous pandemic-related supply constraints. Reflecting these developments, between January 2020 and December 2021, the World Bank’s energy and non-energy price indexes increased by 50 and 40 percent, respectively, while between January and March 2022 the two indexes rose an additional 34 and 13 percent.  \nTogether, the total changes in nominal prices during the 23-month period (April 2020-March 2022) resulted in the largest increase in energy prices since the 1973 oil price spike. 􀀁e recent price spike for food and fertilizers was the thirdlargest (after","cbCaihkAkP3PtZxN","https://ap.wps.com/l/cbCaihkAkP3PtZxN","pdf",767123,6,1,20,"English","en",105,"# Special Focus Overview\n## Near-term impact of the war on commodity markets\n## Lessons from past commodity price shocks\n## Key policy implications","[{\"question\":\"How did the war in Ukraine affect commodity markets in the near term?\",\"answer\":\"The war disrupted commodity supply, especially for commodities where Russia and Ukraine are major exporters. Prices surged and volatility increased markedly, particularly in the months immediately after the invasion.\"},{\"question\":\"What factors contributed to the rise and volatility in commodity prices?\",\"answer\":\"The document links price increases to supply disruptions, higher input costs, and geopolitical risk premia, layered on top of already tight markets driven by post-pandemic demand recovery and earlier supply constraints.\"},{\"question\":\"Why are food and energy security policies not sufficient to address the underlying problems?\",\"answer\":\"Ad hoc policy responses aimed at self-sufficiency and consumer energy prices may reduce immediate pressures, but they often do not solve the fundamental supply and market stresses causing the volatility.\"}]",1784473029,50,{"code":4,"msg":31,"data":32},"ok",{"site_id":25,"language":24,"slug":33,"title":13,"keywords":34,"description":14,"schema_data":35,"social_meta":87,"head_meta":89,"extra_data":91,"updated_unix":28},"commodity-markets-outlook-april-2022-the-impact-of-the-war-in-ukraine-on-commodity-markets-special-focus","",{"@graph":36,"@context":86},[37,54,69],{"@type":38,"itemListElement":39},"BreadcrumbList",[40,44,48,51],{"item":41,"name":42,"@type":43,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":45,"name":46,"@type":43,"position":47},"https://docshare.wps.com/document/","Document",2,{"item":49,"name":12,"@type":43,"position":50},"https://docshare.wps.com/document/research-report/",3,{"item":52,"name":13,"@type":43,"position":53},"https://docshare.wps.com/document/commodity-markets-outlook-april-2022-the-impact-of-the-war-in-ukraine-on-commodity-markets-special-focus/108660/",4,{"url":52,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":24,"description":14,"dateModified":62,"datePublished":63,"encodingFormat":61,"isAccessibleForFree":64,"interactionStatistic":65},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":41,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72,78,82],{"name":73,"@type":74,"acceptedAnswer":75},"How did the war in Ukraine affect commodity markets in the near term?","Question",{"text":76,"@type":77},"The war disrupted commodity supply, especially for commodities where Russia and Ukraine are major exporters. Prices surged and volatility increased markedly, particularly in the months immediately after the invasion.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"What factors contributed to the rise and volatility in commodity prices?",{"text":81,"@type":77},"The document links price increases to supply disruptions, higher input costs, and geopolitical risk premia, layered on top of already tight markets driven by post-pandemic demand recovery and earlier supply constraints.",{"name":83,"@type":74,"acceptedAnswer":84},"Why are food and energy security policies not sufficient to address the underlying problems?",{"text":85,"@type":77},"Ad hoc policy responses aimed at self-sufficiency and consumer energy prices may reduce immediate pressures, but they often do not solve the fundamental supply and market stresses causing the volatility.","https://schema.org",{"og:url":52,"og:type":88,"og:title":13,"og:site_name":59,"og:description":14},"article",{"robots":90,"canonical":52},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":93},[94,98,102,106,111,114,119,122,126,129,133],{"id":21,"doc_module":4,"doc_module_name":46,"category_name":95,"show_sort_weight":96,"slug":97},"Story & Novel",90,"story-novel",{"id":47,"doc_module":4,"doc_module_name":46,"category_name":99,"show_sort_weight":100,"slug":101},"Literature",80,"literature",{"id":53,"doc_module":4,"doc_module_name":46,"category_name":103,"show_sort_weight":104,"slug":105},"Exam",70,"exam",{"id":107,"doc_module":4,"doc_module_name":46,"category_name":108,"show_sort_weight":109,"slug":110},5,"Comic",60,"comic",{"id":20,"doc_module":4,"doc_module_name":46,"category_name":112,"show_sort_weight":29,"slug":113},"Technology","technology",{"id":115,"doc_module":4,"doc_module_name":46,"category_name":116,"show_sort_weight":117,"slug":118},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":46,"category_name":12,"show_sort_weight":120,"slug":121},30,"research-report",{"id":123,"doc_module":4,"doc_module_name":46,"category_name":124,"show_sort_weight":22,"slug":125},9,"Religion & Spirituality","religion-spirituality",{"id":22,"doc_module":4,"doc_module_name":46,"category_name":127,"show_sort_weight":22,"slug":128},"World Cup","world-cup",{"id":130,"doc_module":4,"doc_module_name":46,"category_name":131,"show_sort_weight":130,"slug":132},10,"Lifestyle","lifestyle",{"id":134,"doc_module":4,"doc_module_name":46,"category_name":135,"show_sort_weight":107,"slug":136},19,"General","general"]