Global fuel and food prices will rise sharply this year due to Russia's military operation in Ukraine, the World Bank said on Tuesday.
According to its latest Commodity Markets Outlook report, energy prices will soar 50.5% in 2022 in relation to the previous year, and by 2023, they are expected to fall by 12.4%. In the case of food, prices will rise 22.9% in 2022 before falling 10.4% next year.
"The resulting increase in food and energy prices is taking a significant human and economic toll," said Ayhan Kose, the World Bank’s Prospects Group director. "It will likely stall progress in reducing poverty…exacerbate already elevated inflationary pressures around the world."
