Inflation readings across the region – China, India, Indonesia, Philippines, Thailand and South Korea – recently rose more than forecast, while New Zealand on Wednesday hiked rates byover price worries. And accelerating manufacturing costs suggest the worst is yet to come.
The turning point was Russia’s invasion of Ukraine, which triggered an upheaval in commodities markets. That pushed energy and fuel prices higher and threatened grain supplies to the world’s top consuming region. Rising fertilizer and transport costs are also filtering through to compound record global food prices.
A net $22.3 billion in investments last month flowed out of emerging Asia, excluding China, according to Australia & New Zealand Banking Group — marking the biggest sell-off since March 2020.. At his vegetable stall in a Mumbai suburb, Dnyaneshwar Uttam Sante’s problems could be seen in the plastic bag of mixed vegetables he had just packed for a customer: He was charging 450 rupees, or almost $6, which is about 80% more than a few weeks ago.
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