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Global commodity prices soar 50%, fastest pace in 27 years

Fears grow inflation could become source of political instability worldwide

Higher energy prices are feeding through to the cost of other commodities, such as aluminum and grain. (Source photos by AP and Reuters) 

TOKYO -- Prices for crude oil, metals, grains and other internationally traded commodities are climbing at the fastest rate since 1995, raising fears of political instability in countries highly dependent on imports as seen in Turkey.

Commodity markets are being squeezed from two directions. On one hand, demand is booming as economies recover from the coronavirus pandemic. On the other hand, sufficient supplies to meet this demand are being hampered by geopolitical factors. 

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