Commodity prices surged significantly amid the multi-decade high inflation. However, global recession fears have led to commodity prices falling over the past few weeks.
The U.S. Consumer Price Index (CPI) rose 8.6% year-over-year in May, registering the highest increase since 1981. To combat the skyrocketing inflation rates, the Federal Reserve hiked the benchmark federal funds rate by 75 basis points on June 15, marking the most aggressive hike since 1994. The FOMC also announced its plans to raise the benchmark rate further this month.
