World Bank food prices will rise 23 percent this year

By: Trademagazin editor Date: 2022. 04. 27. 11:32

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As a result of the shock caused by the Russian war against Ukraine, global energy and food prices will rise sharply this year, according to the World Bank’s quarterly commodity market report.

Food prices could rise by almost a quarter this year

According to the compilers of the document, global energy prices will rise by 50.5 percent this year compared to last year, but will fall by 12.4 percent in 2023.

Food prices are expected to rise 22.9 percent this year and fall 10.4 percent next year. The World Bank expects the most significant growth of 29.7 percent in the vegetable cooking oils segment this year. In addition, the rise in the price of fertilizers could reach 69.2 percent, which is one of the reasons for the rise in prices for agricultural products. (MTI)