Rise In USD Index To Hit Struggling Commodities

The significant decline in commodity prices over the past fortnight will bring much-needed relief from inflation. Compared to their most recent peak, oil prices are down 20 per cent, while copper and timber prices have decreased by 32 per cent and 60 per cent, respectively. Agricultural products including wheat, corn and soybean are also significantly lower. Also in the news, Ukraine and Russia agreed to a deal backed by the UN that will reopen the Black Sea for Ukrainian grain exports. Given that Ukraine is one of the biggest exporters of agricultural goods, this may increase the global food supply.