Special edition spring 2022

Raw materials

War in Ukraine drives commodity prices

By Claudia Wellenreuther

  • HWWI commodity price index rose by 32 % (in U.S. dollar terms)
  • Crude oil prices rose by 18.6 %
  • Natural gas prices rose by 60.1 %

The HWWI commodity price index rose by an average of 32 % in March compared with the previous month. Russia's invasion of Ukraine led to price surges in almost all commodity segments. All three sub-indices represented in the index, the index for energy raw materials, the index for industrial raw materials and the index for food and beverages, recorded huge price increases in March compared with the previous month. These sharp price increases highlighted the great importance of Russia in commodity markets, particularly in the markets for energy raw materials. The significant price surge on the grain markets also reflected Ukraine's important role as a producer country.

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About index

The HWWI Commodity Price Index reflects the price changes of the 31 most important internationally traded commodities from the energy, food and industrial commodities sectors.