World Bank Warns of 23pc Commodity Price Surge

The World Bank has issued a warning that commodity prices are set to rise by 23pc, citing ongoing global shocks as a key factor. This forecast comes amid sharp increases in oil, natural gas, food, and metals prices this year, according to the latest Commodity Markets Outlook.

While the World Bank initially predicted a 7pc decline in commodity prices for next year, continued disruptions — including the potential impact of the worst El Nino weather effect since 1950 — could maintain elevated food prices, contributing to inflationary pressures.

The World Bank highlighted that the global economy is currently more susceptible to future supply shocks, emphasizing the heightened vulnerability of the current economic landscape.