The bitter winter cold sweeping across Asia and Europe is not just miserable for commuters. The inclement weather is causing widespread disruption to transport services, power supplies - and a surge in sales of winter jackets. Meteorologists warn, the subzero temperatures are expected to continue into next week. Analysts say, it could also be the winter of discontent for the global economy.

Extreme weather may cause food price surge.

Experts say, the most direct impact from the severe cold is on global food prices. Only a year and half ago, global food prices were pushed up 60 to 80 percent by a drought caused by the extreme heat in Russia, which saw a reduction in wheat output by 30 percent.

The consequences were devastating for some African countries that rely on imported food. Experts from the China Meteorology Administration say as the freezing weather sweeps across Chinese border, many areas will see a drop in vegetable supplies.

Zhu Dingzhen, senior engineer of National Meteorological Center of CMA said: "The recent warm winter has made many people become less alert about extreme weather conditions. It has brought ahead crops’ growth period as well. If the severe freezing weather lasts for a longer period, many areas could face a supply shortage in vegetable. "

Besides food, other industries from real estate to civil aviation will take a hit too. The heavy snowfall in the United States last year caused severe damage to new house constructions. Meanwhile, cancellation of over 6 thousand flights caused heavy losses not only to the travel industry, but impacted tourism and logistics industry too. But experts say the upside is this will push up demand for clothes and energy consumption.

Zhu said: "This extreme weather is good news for some industries such as winter jacket manufacturers. We can expect sales will go up. There would be high demand for energy too, which could cause an energy shortage as electricity companies and gas companies may not have prepared for the freezing cold."

Experts also warn a potential surge on global oil prices, and that investors in commodity futures should pay attention to the impact on agricultural commodity prices.