Global food and fuel price shocks linked to the Russia/Ukraine war are likely to last until at least the end of 2024 and raise the risk of stagflation, the World Bank said in its latest Commodities Market Outlook report. The world faces the biggest commodity price shock since the 1970s the bank said in its first comprehensive analysis of impacts on commodity markets. The World Bank expects energy prices to rise more than 50% in 2022 before easing in 2023 and 2024, while non-energy prices, including agriculture and metals, are seen climbing by almost 20% in 2022 before moderating. Commodity prices will only retreat slightly and stay well above the most recent five-year average for the medium term.
World Bank: Ukraine War Commodity Price Shock to Last Three Years
Global food and fuel price shocks linked to the Russia/Ukraine war are likely to last until at least the end of 2024 and raise the risk of stagflation, the World Bank said in its latest Commodities Market Outlook report.
(Farm Journal)
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