World Bank: Commodity prices will remain high until the end of 2024

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World Bank: Commodity prices will remain high until the end of 2024

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Economy News - Baghdad

The World Bank warned on Tuesday that food and energy prices, which have soared due to the war in Ukraine, could remain high for years, at least until the end of 2024.

"The war in Ukraine caused a great shock to commodity markets and changed the pattern of trade, production and consumption in the world," the bank said in a report, noting that

"prices will remain at historically high levels until the end of 2024."

He stated that "the rise in energy prices during the past two years was the largest since the oil crisis in 1973," noting that

"the prices of food raw materials, of which Russia and Ukraine are major producers, and fertilizers whose production depends on natural gas, have not been this strong since 2008.".

"Overall this is the biggest commodity shock we've seen since the 1970s," he added.
Views 8 Date Added 04/26/2022

ikea

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World Bank: Commodity prices will remain high until the end of

Tuesday, 26 April 2022 6:55 PM
National News Center / Follow up

The World Bank warned on Tuesday that food and energy prices, which have soared due to the war in Ukraine, could remain high for years, at least until the end of 2024.

"The war in Ukraine caused a great shock to commodity markets and changed the pattern of trade, production and consumption in the world," the bank said in a report, noting that

"prices will remain at historically high levels until the end of 2024."

He stated that "the rise in energy prices during the past two years was the largest since the oil crisis in 1973," noting that

"the prices of food raw materials, of which Russia and Ukraine are major producers, and fertilizers whose production depends on natural gas, have not been this strong since 2008.“.

"Overall, this is the biggest commodity shock we've seen since the 1970s," he added.

As for energy prices alone, the Bank expects them to rise by more than 50% this year before declining in 2023 and 2024.

As for non-energy-generating commodities such as agricultural products and minerals, their prices are expected to rise by about 20% in 2022, to decline in the coming years. next.

The bank warned that “it is expected that commodity prices will remain much higher than the average of the past five years, and

in the event the war is prolonged or new sanctions are imposed on Russia, it may become higher and more volatile than what is currently expected,” indicating that this rise in prices will result in it.

It has a huge human and economic cost and threatens to impede progress on poverty reduction.”

It is noteworthy that global food prices began to rise since the beginning of the year 2021, as a result of the irresponsible policy pursued by Western central banks during the past years, as

they deliberately pumped tens of trillions of unsupported dollars, euros and pounds sterling into Western economies, which fueled inflation.

Inflation has worsened recently with Western countries, including the European Union and the United States, imposing unprecedented sanctions on Russia, which is one of the world's leading producers of energy resources and food exporters. patriot/follow up..

The World Bank warned today, Tuesday, that food and energy prices, which have risen sharply due to the war in Ukraine, may remain high for years, at least until the end of 2024.

The World Bank said in a report that “the war in Ukraine has caused a major shock to commodity markets and changed the pattern of trade, production and consumption.” in the world,” noting that

“prices will remain at historically high levels until the end of 2024.”

He stated that "the rise in energy prices during the past two years was the largest since the oil crisis in 1973," noting that

"the prices of food raw materials, of which Russia and Ukraine are major producers, and fertilizers whose production depends on natural gas, have not been this strong since 2008.“.

"Overall, this is the biggest commodity shock we've seen since the 1970s," he added.

As for energy prices alone, the Bank expects them to rise by more than 50% this year before declining in 2023 and 2024.

As for non-energy-generating commodities such as agricultural products and minerals, their prices are expected to rise by about 20% in 2022, to decline in the coming years. next.

The bank warned that “it is expected that commodity prices will remain much higher than the average of the past five years, and in the event the war is prolonged or new sanctions are imposed on Russia, it may become higher and more volatile than what is currently expected,” indicating that

this rise in prices will result in it. It has a huge human and economic cost and threatens to impede progress on poverty reduction.”

It is noteworthy that global food prices began to rise since the beginning of the year 2021, as a result of the irresponsible policy pursued by Western central banks during the past years, as

they deliberately pumped tens of trillions of unsupported dollars, euros and pounds sterling into Western economies, which fueled inflation.

Inflation has worsened recently with Western countries, including the European Union and the United States, imposing unprecedented sanctions on Russia, which is one of the world's leading producers of energy resources and food exporters.

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World Bank: Commodity prices will remain high until the end of 2024

1 World Bank: Commodity prices will remain high until the end of 2024 Tue Apr 26, 2022 1:47 pm

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2 World Bank: Commodity prices will remain high until the end of Tue Apr 26, 2022 3:18 pm

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