The ongoing slowdown of the global economy continues to put a downward pressure on commodity markets.
Although global inflation has started to moderate, price pressures remain at historically high levels.
The combination of high prices and rising borrowing costs constrain consumers and businesses.
Subdued consumer spending on goods and services and sluggish manufacturing activity, accompanied by weaker B2B demand and capital investment growth, are set to reduce demand for energy and metal commodities, and cap price growth this year.
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"As the economic climate tightens and price increases become less of a viable tool to increase profits, business leaders will shift their focus to maintaining or improving margins through cost reduction."