Commodity price surge deals blow to World economy

The world economy is encountering a significant increase in forces resulting in simultaneous increase in inflation and stagnation of economic output, as surging energy prices boost inflation and, accordingly, slow the recovery from the recession that has been among the major impacts of the pandemic.
Crude pushed past $80 for the first time in three years. Rising prices have hit consumer sentiment in U.K. and U.S as well as worldwide.
Oil prices have climbed to more than USD 80 a barrel for the first time in three years, while natural gas for October delivery traded at the costliest in seven years and the Bloomberg Commodity Spot Index rose to the highest level in 10 years.