The war crisis between Russia and Ukraine disrupted global supply chains, leading to higher prices for raw materials such as wheat, palm oil, corn and soybeans, with wheat doubling by 56%.
The international price of crude oil also exceeded US$100 per barrel, soaring to a 10-year high of around US$140 per barrel at its peak. The spike in international crude oil will inevitably affect the airline and shipping industries, which will lead to higher transport costs and exacerbate the current oversupply of raw materials.
Although the global epidemic has eased and the economy is recovering, yet consumers are holding less and less money. In December last year, our inflation index stood at 124.5, an increase of 3.2% year-on-year. This means that money in hand has also lost 3.2% of its value.
