Global monthly fuel price index 2022-2024

The global fuel energy price index stood at 178.8 index points in August 2024, up from 100 in the base year 2016. Figures decreased that month due to lower oil and natural gas demand outlooks. The fuel energy index includes prices for crude oil, natural gas, coal, and propane. 

Supply constraints across multiple commodities

The global natural gas price index surged nearly 11-fold, and the global coal price index rose almost seven-fold from summer 2020 to summer 2022. This notable escalation was largely attributed to the Russia-Ukraine war, exerting increased pressure on the global supply chain.

Global ramifications of the Russia-Ukraine war

The invasion of Ukraine by Russia played a role in the surge of global inflation rates. Notably, Argentina bore the brunt, experiencing a hyperinflation rate of 92 percent in 2022. The war also exerted a significant impact on global gross domestic product (GDP) growth. Saudi Arabia emerged with a notable increase of nearly three percent, as several Western nations shifted their exports from Russia to Middle Eastern countries due to the sanctions imposed on the former.