However, as if the world was deprived of tragedy and was rejoicing for too long, weeks later, Russia invaded Ukraine, leading to death and destruction in Ukraine and economic turmoil around the globe. 

Russia's invasion of Ukraine is not comparable to any other invasion in history due to its geoeconomic significance. Both Ukraine and Russia are leading exporters of commodities such as crude, natural gas, iron and steel, wheat, and edible oils that have a direct impact on the inflation levels in major world economies.  

While economists were concerned about a significant drop in consumption levels arising from COVID-19-related lockdowns and suppression of demand sending crude prices to $0 per barrel two years ago, now they are concerned about the exact opposite — skyrocketing crude prices touching more than $130 per barrel and natural gas hitting $5.7 per metric million British thermal units (MMBtu).