Russia’s invasion of Ukraine came at a time of rising global inflation, pushing prices of commodities like oil, wheat and nickel higher as a global supply shortage unfolds. Western countries have banned the import of Russian oil and are calling for more countries to do so, pushing the prices of oil to record levels in real terms. Rising oil prices tend to be a pre-cursor to an economic recession. However, what’s scarier is that we are seeing continued escalation of supply shocks that can lead to shortages of key resources. For example, countries like Egypt and Ukraine are banning export of wheat and other food staples. Russia is considering expanding its export ban on commodities following Western sanctions. In a tit-for-tat scenario, we could see further constraints in the supply for essentials. What this means for consumers like us is that you’ll soon see even higher prices from everyday items like petrol and food. If you’ve noticed, petrol prices in Singapore...