The war in Ukraine, China’s reopening and climate change will continue making commodities expensive this year, according to London-based think tank the Economist Intelligence Unit (EIU) Limited. Know more:
THE war in Ukraine, China’s reopening and climate change will continue making commodities expensive this year, according to London-based think tank the Economist Intelligence Unit The EIU said that while its weighted price indexes are expected to trade downward this year, prices such as those of food, feedstuffs, and beverages will remain elevated because of the war in Ukraine.
Central to the impact of the Ukraine war on global trade is the Black Sea region, where Ukraine wheat imports transit despite the Russian blockade, the EIU said. The reopening of China will, however, have a positive impact on cotton as well as energy in the domestic market. The reopening, however, will lead to more expensive gas and liquefied natural gas prices.Meanwhile, the EIU said oil prices are expected to average more than $85 per barrel this year. This is also because of OPEC’s production which will decline by 3 million barrels per day from the peak in 2022.
Climate change, meanwhile, will again play a major role in commodities this year. Heatwaves in the northern hemisphere and other extreme weather events will affect agriculture production.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Ukraine interior minister among 16 dead in helicopter crashKYIV -- Ukraine&039;s interior minister was among 16 people, including two children, who were killed when a helicopter crashed near a kindergarten outside the capital Kyiv, officials said
Read more »
Ukraine's interior minister among 18 dead in helicopter crash(1ST UPDATE) Interior Minister Denys Monastyrskyi was killed alongside his first deputy, Yevheniy Yenin, and other officials in a helicopter belonging to the state emergency service.
Read more »
Germany’s defense minister resigns amid Ukraine criticism | Geir Moulson & Frank Jordans / The Associated PressBERLIN—Germany’s much-criticized defense minister announced her resignation Monday following a series of missteps while her department steers the massive project of modernizing the country’s military and oversees expanding weapons deliveries to Ukraine. Christine Lambrecht said in a written statement that she had submitted her resignation to Chancellor Olaf Scholz, adding…
Read more »
Ukraine minister among dead in helicopter crashUkraine’s interior minister was among more than a dozen people killed in a helicopter crash Wednesday near a kindergarten outside Kyiv, spurring condolences from allies.
Read more »