Ever since the start of the war between Russia and Ukraine, the implementation of sanctions against the aggressor Russia has resulted in unprecedented levels of inflation across the prices of multiple global products such as oil and food. Battling the rising cost of energy, Brent crude oil has fallen below US$100 ($136.72) temporarily as UAE and USA release more of their reserves and increase their production to curb the rising oil prices.
However, oil prices rose shortly after the EU announced sanctions on Russian oil. Similarly, global food prices soared with corn and soybeans peaking at a record high due to the ongoing war.
We are also negatively impacted by this in our daily lives here in Singapore, with the apparent cost of petroleum increasing. Food shortages have also led to our neighbouring country Malaysia halting the export of fresh chicken into Singapore from June 1.