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Commodities’ Historic Week Sends Shock Waves Around the World

  • Oil, metals, crops rally as Ukraine invasion disrupts supplies
  • Surging raw materials to fan global inflation, hurt consumers

Commodities are wrapping up a historic week as Russia’s invasion of Ukraine roils markets, with foodstuffs soaring, metals setting records, and oil in the throes of the biggest crisis for decades.

The Bloomberg Commodity Spot Index has rallied more than 9% this week. Soaring raw materials prices from crude to aluminum and wheat are adding to already-elevated inflationary pressures, hurting consumers and fueling concerns over an economic slowdown.