In 2021，global inflationary pressures rise obviously，but with divergent movements among countries. With the collective support of vaccination and stimulus policies，the economic recovery of developed countries accelerates amid a rapid rise in inflation rates. In particular，the inflation dynamics in U.S. are ahead of those of other advanced economies. The inflation rates of some emerging economies soar，like Argentina and Turkey，and they are faced with a high risk of stagnation. The mismatch between supply and demand caused by the epidemic and policies is the main reason for the rapid rise in recent inflation pressures. The central banks of major economies insist on the argument of “temporary inflation” and remain “cautiously optimistic” about the inflation outlook，but they also admit that the duration of high inflation may be longer than expected. As with the improving of the epidemic situation and the easing of supply chain bottlenecks，we expect that inflation rates in U.S. and Europe will fall down significantly in 2022 or 2023. However，the reconstruction of global economy，industrial transformation and upgrading，and the adjustment of global energy structure in the context of “carbon neutrality” will intensify the tension between the supply and demand of related commodities，and thus lead to higher average inflation rates in the medium- and long- term compared with the average values pre-COVID-19. Among them，there still are possibilities for a further increase in the prices of commodities related to semiconductors and new energy，such as non-ferrous metals and clean energy.