Global commodity prices are not expected to ease this year, and any hopes that they might decrease significantly will depend in large part on the trajectory of the Ukraine war, according to a report published Tuesday by the World Bank.
Prices for non-energy products, including foods, are expected to rise about 20% this year, while Brent crude oil is set to average $100 a barrel, only dropping to $92 in 2023, the report said. The spike in energy prices over the past couple of years is the worst since the 1970s, with the past five years averaging just $60 a barrel.
Devex interviewed two World Bank economists who worked on the report and asked: What can be done, especially for the lower-income countries and people whose expenditures largely consist of food costs?