Affected by Russia-Ukraine conflict，the epidemic，and the slowdown of global economy，commodity prices have experienced a downward trend after continuing the upward trend in the past year. Taking the Russian-Ukrainian conflict as the dividing point，commodity prices continued their strong upward trend from August 2021 to March 2022，with an increase of 50% on average. But since then，the prices of non-energy commodities started to fall back. Because of the Fed rate hike and a worsening prospect for the global economy，prices of industrial metals and food fell by 26% and 10% respectively，during April-July 2022. From 2022Q4 to 2023，commodity prices are expected to fluctuate downwards，but there is no room for a sharp drop. Energy prices will be more volatile due to the decoupling of Russian and European energy trade，carbon neutrality actions and extreme climate factors. Oil price may settle higher during periods of peak power demand in winter，and then fall around US $90/barrel due to the economic slowdown prospect and weak energy demand. Energy transition metals have the potential for long-term growth due to carbon neutrality policies，and iron ore price is expected to stabilize as China’s demand to rebound modestly. Food prices will be highly volatile and intensify the food crisis in low-income economies.