Already-high inflation to be exacerbated by high commodity prices due to the Russia-Ukraine war

The inflation psychology is kicking in
Source: Amundi Institute, Bloomberg. Data as of 13 April 2022


Inflation was already running well above central banks’ targets as we entered the year. The war has put additional pressure on prices and supply chains and this could have repercussions not just on oil, but on other commodities as well. Furthermore, given these (intermediate) commodities are used in the production of other finished products, we are likely to witness more broad-based inflation, particularly in Europe, the region closest to the crisis.


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RC - Author - DEFEND Monica
Head of Amundi Investment Institute & Chief Strategist, Member of Amundi’s Executive Committee
RC - Author - BERTINO Claudia
Head of Investment Insights, Publishing and Client Development, Amundi Investment Institute
RC - Author - DHINGRA Ujjwal
Investment Insights & Client Divisions Specialist, Amundi Investment Institute
RC - Author - FIOROT Laura
Head of Investment Insights & Client Divisions, Amundi Investment Institute
RC - Author - PORTELLI Lorenzo
Head of Cross Asset Strategy, Head of Research at Amundi Italy, Amundi Investment Institute