Report
What are the consequences of a permanent rise in the relative price of commodities?
The COVID crisis (with the shift in demand from services to goods), the war in Ukraine (given Russia’s weight in global commodit y production) and the energy transition (given the ensuing large needs for metals) are likely to cause a permanent rise in the relative price of commodities (energy, metals). What are the consequences? A rise in the price of goods relative to services, which will shift demand back from goods to services; A larger income transfer from commodity-importing countries to commodity-exporting countries; financial difficulties for commodity-importing countries that already have large external deficits; higher income inequality in commodity-importing countries; An acceleration in the development of renewable energies, nuclear energy and the circular economy in order to save on expensive commodities.
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Natixis
Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.
Patrick Artus
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