From a industrial/construction point of view, we are now witnessing a new economic iron curtain between the West & Russia, and the world does not know which side China is on, as fence sitting may not be sustainable nor desirable.
The bottom line is price rises.
Inflation over the reminder of the decade is foremost in the minds of governments and how to manage it; there will be winners and losers; already out of the toolbox is raising interest rates to cool demand and thus inflation but it’s not consumers who are driving prices up. Thus economic activity shall be reduced and inflation continue rising.
For those manufacturing or building anything, and everyone in the supply chain, not a time for fixed priced contracts.
For clients who decide to enforce fixed priced contracts, tread carefully as the market shall react accordingly in various ways, through higher tenders or shrink the interest in tendering, either way, higher prices are nigh.