The World Bank published the issue of its Commodity Markets Outlook Report with the title "The Impact of the Ukraine War on Commodity Markets":
Wheat prices increased from 60 percent in Africa after the Russia-Ukraine War the report pointed out that food and energy price shocks from the Ukraine war could last for years.
In the report, it was stated that the war in Ukraine caused a big shock in the commodity markets, and it changed the global trade, production and consumption patterns in a way that would keep prices at historically high levels until the end of 2024 and Commodity Prices are expected to remain well above the last 5 year average.
In the same context , it was noted that the rise in energy prices in the last 2 years was "the biggest increase since the oil crisis in 1973".
It is affirmed that this is the largest increase since 2008 has been experienced in the prices of food products, of which Russia and Ukraine are the major producers, and fertilizers depending on natural gas ,as a production input is expected to remain high.
Emphasizing that the energy commodity price index is expected to decrease by 12.4 percent next year, the report stated that the non-energy commodity price index is expected to decrease by 8.8 percent ,while the price of Brent crude oil was expected to reach the highest level since 2013 with an average of $100 per barrel, with an increase of 42 percent compared to last year, and expected to decline to $92 per barrel in 2023 with a decrease of 8 percent.
In 2022,natural gas prices in Europe are expected to be twice, while an increase of 35 percent is expected in the USA.