The World Bank warns: a record price crisis in 2022

Washington-Sana

The World Bank has warned of a historic increase in world prices of energy, which may reach 50 percent, and non-energy goods by 20 percent, this year, due to the situation related to the war in Ukraine.

In the current April report prepared by World Bank experts and published today, it is expected that the prices of energy resources in 2022 will be much higher than they were in 2021, and there will be no decline in prices in the medium term.

The experts pointed out that although they assumed a significant increase in prices in 2022, the real numbers turned out to be much higher than expected. They said: Russia and Ukraine are major global exporters of fossil fuels, fertilizers, grains and minerals, noting that the commodity market is already witnessing a rise in Prices and demand.

World Bank analysts expected the average price of Brent oil this year to reach $100 per barrel, the highest since 2013, and 42 percent higher than the average price in 2021.

Experts indicated that the prices of non-energy commodities will rise by about 20 percent, while wheat is expected to record an increase of more than 40 percent, and the World Bank called on politicians in the world to protect the poor classes from rising prices.

International food prices began to rise since the beginning of 2021 as a result of the irresponsible policy pursued by Western central banks during the past years, as they deliberately pumped tens of trillions of unsupported dollars, euros and pounds sterling into Western economies, which fueled inflation.

And the exacerbation of inflation recently with the imposition of Western countries, including the European Union and the United States, unprecedented sanctions on Russia, which is one of the most important producers of energy resources and exporters of grain in the world.

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