Aviation, shipping and chemical industries will be the first to be hit hard by the soaring energy prices.

A new analysis by ING suggests these sectors are likely to face the “first round effects” as they are most energy-intensive, compared to construction, trade and automotive.

The report co-authored by ING Senior Sector Economists Gerben Hieminga and Maurice van Sante analyses the impacts soaring energy prices are having on businesses across multiple sectors and businesses.

It predicts that “second-round effects” will be the largest in the food and beverage industry and the rubber and plastic products sector.

The authors explain this is because of their supply chains and reliance on more energy-intensive industries.

They also forecast that wholesale, construction and healthcare sectors will be the least impacted.

The report suggests these industries are not that exposed to procurement price shocks. Their profit margins are also quite stable as they are not regularly faced with price increases.

In case you missed it, listen to what Gerben Hieminga told ELN about how easy it is for governments to cut their reliance on Russian fossil fuels.