From rba.gov.au

Members commenced their discussion of international economic developments by noting that Russia's invasion of Ukraine had contributed to high and volatile commodity prices at a time of strong demand as the global economy recovered from the COVID-19 pandemic. This would further boost global inflation in the period ahead. The related increase in uncertainty and fall in real incomes would weigh on economic activity in some regions, particularly commodity-importing countries in Europe, where growth forecasts for 2022 had been revised downwards to the greatest extent. For commodity-exporting countries, previous episodes ... (full story)