Food & Fuel Prices to Remain High Until 2024, World Bank Warns | News | teleSUR English

In the event of a prolonged conflict or additional sanctions on Russia, prices could be even higher and more volatile than currently projected.

The Russia-Ukraine conflict has dealt “a major shock” to commodity markets, altering global patterns of trade, production and consumption, the World Bank (WB) said in its latest Commodity Markets Outlook (CMO) report.

The CMO report estimated that energy prices are expected to rise more than 50 percent in 2022 before easing in 2023 and 2024. The price of Brent crude oil is expected to average US$100 a barrel in 2022, its highest level since 2013 and an increase of more than 40 percent compared to 2021. 

Food & Fuel Prices to Remain High Until 2024, World Bank Warns | News | teleSUR English