Joey Concepcion, founder of Go Negosyo and head of the group of the job for…
The expected biggest decline in commodity prices since the pandemic
The World Bank announced Thursday that the sharpest decline in commodity prices since the coronavirus pandemic is anticipated this year.
According to a statement, the price decrease isn’t likely to significantly help the almost 350 million people who are food insecure worldwide.
According to the World Bank, annual food price inflation was at 20% globally as of February this year, the highest over the past two decades, even though food prices are predicted to decrease by 8% this year and reach their second-highest level since 1975.
According to Indermit Gill, the World Bank’s chief economist and senior vice president for development economics, the increase in food and energy prices following Russia’s invasion of Ukraine has largely subsided as a result of sluggish economic growth, a mild winter, and commodities trade reallocations.
“Food prices will continue to be among the highest of the last fifty years, in real terms. Governments should avoid trade barriers and instead use targeted income-support programs to safeguard their most vulnerable residents.
According to the World Bank, overall commodity prices are predicted to plummet by 21% this year compared to last year, while energy costs are predicted to fall by 26% this year.
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