Commodity prices have been on the rise in recent years, sparking concerns that inflation may be too high and hurting consumer spending. However, some economic experts believe the commodity price boom has just begun and will last several more years, with some predicting it will push commodity prices to all-time highs by 2026. Others are more cautious predicting that in the short term commodity prices may fall and experience continued volatility.

The procurement landscape, particularly that of the food and beverage industry, has faced a raft of difficulties in recent years. Various challenging factors including the war in Ukraine, volatility of global commodity prices and extreme weather, have swept the globe, catalysing unprecedented obstacles for many industries.

These are the most common questions asked regarding Mintec's Commodity Prices and Price Forecasts.

With a war in Ukraine, price inflation driven by energy and raw material price increases, Chief Procurement Officers (CPO) worldwide worked hard to maintain business operations, mitigate supplier challenges and navigate continued disruption and increased costs. As we look towards 2023, businesses continue to feel the effects and uncertainty of events, it is worth asking what challenges lie ahead for CPOs.