Non-energy prices, including agriculture and metals, are projected to increase almost 20 percent in 2022 and will also moderate in the following years. Policymakers should take every opportunity to increase economic growth at home and avoid actions that will bring harm to the global economy.Įnergy prices are expected to rise more than 50 percent in 2022 before easing in 20. “These developments have started to raise the specter of stagflation. As was the case then, the shock is being aggravated by a surge in restrictions in trade of food, fuel and fertilizers,” said Indermit Gill, the World Bank’s Vice President for Equitable Growth, Finance, and Institutions. “Overall, this amounts to the largest commodity shock we’ve experienced since the 1970s.
Price increases for food commodities-of which Russia and Ukraine are large producers-and fertilizers, which rely on natural gas as a production input, have been the largest since 2008. The increase in energy prices over the past two years has been the largest since the 1973 oil crisis. WASHINGTON, April 26, 2022-The war in Ukraine has dealt a major shock to commodity markets, altering global patterns of trade, production, and consumption in ways that will keep prices at historically high levels through the end of 2024, according to the World Bank’s latest Commodity Markets Outlook report. Shift to more costly trade patterns has begun transition to cleaner energy could be delayed
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