On CNBC, HSBC economist Frederic Neumann said increased prices in energy, commodities and agriculture products are a big headwind for Asia’s economies.
Some economies in the Asian region are still battling the COVID-19 omicron variant, and higher energy prices now are expected to add more pressure to the region, which might slow down the overall economic growth, he said.
Food prices have also surged to record high globally, which is exerting additional inflation pressures.
Oil prices have been trading higher after Russia launched an invasion of Ukraine. Russia is one of the world's largest oil producers and the conflict has caused supply concerns.
Price Action: U.S. crude oil futures gained 1.8% to trade at $94.43 per barrel.
