World Bank says food and energy prices set to soar, says World Bank
According to the World Bank, global energy prices are set to rise dramatically, culminating in the biggest rise in commodity prices in nearly half a century, the World Bank has warned.
According to the bank’s April Commodity Markets Outlook report, global energy prices, which have already soared dramatically due to ongoing lockdowns Covid-19 in China and the Russian-Ukrainian conflict, are expected to increase by 50.5% in 2022.
“This amounts to the biggest commodity shock we have seen since the 1970s. As was the case then, the shock is compounded by increased restrictions on trade in food, fuel and oil. fertilizer “ World Bank Vice President for Equitable Growth, Finance and Institutions Indermit Gill said in a statement accompanying the report.
Le rapport points out that the sanctions imposed on Russia have undermined the world trade in raw materials, having triggered enormous increases in energy prices. Food prices are also expected to rise 22.9% this year, the most since 2008, when wheat prices jumped 40% to record highs.
