According to the World Bank Chief Economist and Senior Vice President for Development Economics, Indermit Gill,
“The surge in food and energy prices after Russia’s invasion of Ukraine has largely passed due to slowing economic growth, a moderate winter, and reallocations in the commodity trade.
“But this is of little comfort to consumers in many countries.
“In real terms, food prices will remain at one of the highest levels of the past five decades. Governments should avoid trade restrictions and protect their poorest citizens using targeted income-support programmes rather than price controls.”
The report stated: “Overall, commodity prices are expected to fall by 21 per cent in 2023 relative to last year. Energy prices are projected to decline by 26 per cent this year.
