The article analyzes the development of raw material prices since Russia’s attack on Ukraine. With the start of the war, the HWWI raw material price index rose by at least 56.8% by March 8, 2022. The main reason for this is the heavy weighting of energy raw materials, which account for an import share of 74.5%. As of September 16, 2022, the raw materials index was still at an elevated level (+28%), but this is primarily due to the still high energy prices, especially for natural gas. There is, however, a slight downward trend. However, it is questionable whether this will continue. In general, raw material prices can be expected to be rather high in all areas at least for the next year, especially if the armed conflict lasts longer. But even if the war comes to an end, it is unlikely that Western countries will quickly return to purchasing cheap raw materials from Russia. Otherwise, what savings potential can be used and how individual energy sources can be substituted will play an important role in the development of raw material prices, especially for energy.