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Soaring food, energy prices reach Asia to bring global inflation in sync

The turning point was Russia's invasion of Ukraine, which triggered an upheaval in commodities markets.

Vegetable prices
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Bloomberg
The world is now facing a synchronized inflation outbreak as food and energy prices surge in Asia, a shift from just a few months ago when the region appeared to avoid the price fever gripping the U.S. and parts of Europe. 

Inflation readings across the region -- China, India, Indonesia, Philippines, Thailand and South Korea -- recently rose more than forecast, while New Zealand on Wednesday hiked rates by the most in 22 years over price worries. And accelerating manufacturing costs suggest the worst is yet to come.

Markets are starting to price in rising inflation expectations and more aggressive central bank

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