• Escalation of the Russia-Ukraine conflict has changed the global growth outlook
  
• Commodity prices surged in February in response to the crisis
  
• Major central banks stayed put on the course to tighten monetary policy in response to rising inflation
  

What a difference a month can make. Less than 30 days ago, the world was breathing easier as it believed it was eyeing the back of Covid-19 and its terrible twins, delta and omicron.

Then came Russia's invasion of Ukraine, and its attendant economic woes. International commodity markets have turned volatile, consumer confidence has taken a hit and financial conditions have tightened owing to a global riskoff sentiment. The ongoing developments have major implications for economic growth, inflation, and the corresponding policy response, for both advanced and emerging market economies.

In this month's section, we focus broadly on the global macro developments in the past month (in terms of inflation, commodity price trajectory, and central bank actions), the likely impact of the ongoing tensions on India, and the outlook for global growth in 2022.