Ukraine war means high food and energy prices for 3 years
The Guardian says the war in Ukraine will result in expensive food and energy for the next three years, the World Bank has warned, intensifying fears that the global economy is heading for a rerun of the weak growth and high inflation of the 1970s.
In a gloomy analysis, the Washington-based development organisation said there was a risk that persistently high commodity costs lasting until the end of 2024 would lead to stagflation – sluggish activity combined with strong cost of living pressures.
The Bank’s latest commodity markets outlook said that over the past two years the world had seen the biggest increase in energy prices since the 1973 oil crisis and the biggest jump in food and fertiliser prices since 2008. While the costs of energy and food were likely to retreat from their current levels, they were forecast still to be above the average for the past five years at the end of 2024.
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