SunSirs: World Bank Report: Global Commodity Prices will Show a Downward Trend
May 23 2023 09:25:09
According to the "Commodity Market Outlook" report recently released by the World Bank, global commodity prices will show a downward trend and are expected to fall at the fastest rate since the outbreak of the new crown epidemic.
Overall, the price of commodities in 2023 is expected to be 21% lower than last year. Energy prices are expected to fall by 26% this year. But while food prices are expected to drop 8 percent this year, they will still be at the second-highest level since 1975. In real terms, food prices are now among the highest in the past 50 years.
While commodity prices across the board are expected to fall this year, they will remain above their 2015-2019 average. The World Bank's Director of Prognostics, Goss, said that the decline in commodity prices will help reduce the overall global inflation rate. But central banks still need to be cautious because factors such as weak oil supplies, geopolitical crises and extreme weather could lead to higher prices and create inflationary pressures.
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