Amundi's Convictions: Inflation


Inflation is a hot topic concerning investors the world over.

In the US, inflation is driven by rising wages and higher commodity prices; in Europe, it's been driven by commodities.

Europe in particular is experiencing an energy crisis, which has been exacerbated by the Russian invasion of Ukraine. The impact of this has led to an increase in rising commodity prices coupled with a supply issue. In the medium to long-term, structural factors such as the energy transition will also add to inflationary trends. This, coupled with the limited production capacity of renewable energy and high demand for commodities, will increase energy costs and boost the prices of commodities linked with the green transition.

Source: Amundi Asset Management as at April 2022.


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*Diversification does not guarantee a profit or protect against a loss. 1 Investment Talks: War and Source: Net Zero offer opportunities across the commodity universe, 30 June 2022.

Important Information
Unless otherwise stated, all information contained in this document is from Amundi Asset Management S.A.S. and is as of end of April 2022. Diversification does not guarantee a profit or protect against a loss. The views expressed regarding market and economic trends are those of the author and not necessarily Amundi Asset Management S.A.S. and are subject to change at any time based on market and other conditions, and there can be no assurance that countries, markets or sectors will perform as expected. These views should not be relied upon as investment advice, a security recommendation, or as an indication of trading for any Amundi product. This material does not constitute an offer or solicitation to buy or sell any security, fund units or services. Investment involves risks, including market, political, liquidity and currency risks. Past performance is not a guarantee or indicative of future results.

Date of first use 30 June 2022