(Amended at 5.30pm after publication)
“Oil’s rally will accelerate inflation, rates will go much higher, financial conditions will tighten significantly, consumers will be squeezed and corporate activity will be jolted. Recessionary territory is on the horizon.” .
FT quoting a head of research
Btw. oil intensive industries such as aviation will also be hit hard
Or
The war in Ukraine is “a global stagflationary shock, with Europe being the most exposed region”
FT quoting Barclays head of economics research
Whatever
(Added after first publication the following pix on US price rises)
[G]overnments can mitigate the shock, just as they did then. They can shield the poorest in society from surging food and heating costs by increasing payouts to the unemployed and to low-income households. Finance ministers can reduce taxes on energy and food products or on a range of consumer goods.
https://www.reuters.com/markets/asia/stagflation-like-worst-pandemic-is-avoidable-2022-03-07/
But come Hell or High Water, the PAP die, die want to make us Pay And Pay by raising GST and by making us pay for plastic bags:
Shoppers at any of the major supermarket chains here can expect to pay at least five cents for each disposable bag, regardless of material, they take from around the middle of next year.
https://www.todayonline.com/singapore/shoppers-must-pay-least-5-cents-disposable-carrier-bag-mid-2023-all-major-supermarkets-1832491
Thoughts of a Cynical Investor 
Using broad commodity ETFs like GSG or USCI to hedge is pretty good, but the time to buy was 6 or 3 months ago. It’ll at least help to cover electricity price increase that’s going to continue in Singapore till Q1 2023 at least (& more smaller elec companies going bust).
Other than energy, the other big shock that’s going to filter to Sinkies soon is food. People in 3rd world countries are already feeling it & have been doing food runs to clear supermarkets & wet markets of basic foodstuffs.
The cure for high prices is higher prices.
Either more producers get in to rake in profits & increase supply drastically.
Or the price surge will lead to consumer demand collapse, shrinking margins & recession; pushing down prices.
Whatever, use corrections & bear markets to buy more GOAT stocks, using money you won’t need for 3-5 years.