After Russia's invasion of Ukraine, the prices of major raw materials such as crude oil, natural gas and grain soared all at once, resulting in the "worst ever" rise in raw material prices, surpassing the oil shock of the 1970s.
As a result, fears are spreading that stagflation, in which inflation rises and a rapid economic slowdown occurs at the same time as during the oil shock, could come again.
The Bloomberg Commodities Spot Index jumped 13.02% in the past week, according to Bloomberg on the 6th.
This is the highest weekly increase since the count began in 1960.
It easily surpassed the 9.67% increase in the last week of September 1974, in the midst of the oil shock.
The index consists of the spot prices of 33 major commodities, including energy such as crude oil and natural gas, grains such as wheat and soybeans, and metals such as gold and copper.
Another major commodity market price indicator, the Standard & Poor's (S&P) Goldman Sachs Commodities Index (GSCI), also surged 20.03% over the same period, its highest weekly gain since the count began in 1970.
Before the Russian invasion on the 24th of last month, the international oil price, which was in the mid-$90s per barrel, quickly broke through the 100-dollars per barrel and then crossed the 120-dollars.
(Photo = Getty Images Korea)