World Bank Says The Ukraine War Will Cause The Biggest Global Commodity Price Shock In 50 Years

BBC: Ukraine war to cause biggest price shock in 50 years - World Bank 

The war in Ukraine is set to cause the "largest commodity shock" since the 1970s, the World Bank has warned. 

In a new forecast, it said disruption caused by the conflict would contribute to huge price rises for goods ranging from natural gas to wheat and cotton. 

The increase in prices "is starting to have very large economic and humanitarian effects", Peter Nagle, a co-author of the report, told the BBC. 

He said "households across the world are feeling the cost of living crisis". 

"We're particularly worried about the poorest households since they spend a larger share of income on food and energy, so they're particularly vulnerable to this price spike," the senior economist at the World Bank added.  

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WNU Editor: To be fair prices were already exploding before the Ukraine war. Explosive budget deficits and spending, supply chain breakdowns, and covid lock-downs crippled the economy. The war and the decision to impose sanctions on Russia has only made this crisis worse. 

The World Bank report is here .... Commodity Markets Outlook (World Bank). 

World Bank Says The Ukraine War Will Cause The Biggest Global Commodity Price Shock In 50 Years  

World Bank forecasts worst stagflation since 1970s amid Ukraine war -- UPI  

World Bank forecasts war in Ukraine will cause ‘largest commodity shock’ since 1970s -- The Hill  

Ukraine war ‘will mean high food and energy prices for three years’ -- The Guardian  

World Bank Sees High Energy Prices For Years After Russia’s War In Ukraine -- OilPrice.com