World Bank: Rising commodity prices to continue till end of 2024

“The war in Ukraine is changing the pattern of trade, production and consumption of goods, which are expected to remain expensive until the end of 2024, thus exacerbating insecurity and food inflation,” he pointed out. International Finance CorporationBased in Washington.

“Since the beginning of the war in Ukraine, there has been a wave of actions on the export and import of food products,” the document added, adding that the global food crisis has been exacerbated in part by the intensification of trade restrictions. Countries with the objective of increasing domestic supply and reducing prices.

“As of October 10, 2022, 21 countries have imposed 26 Export Prohibition Some agricultural products and eight countries have adopted 12 export control measures,” says the World Bank, after a short respite in the summer of 2022, fertilizer prices have started to rise again.

“In addition to the increase in energy prices, export control measures have contributed to restricting the global supply of fertilizers,” the Bretton Woods Institute said.

The share of high-income countries affected by food inflation has now reached 85.7% The agricultural commodity price index rose by one percent from two weeks ago.

Wheat, maize and rice prices remain high in October 2022 18%, 27% and 10%As of October 2021, respectively, refers to the financial institution.

Compared to prices recorded in January 2021, wheat and corn prices increased by 38% and 4% respectively, while rice prices decreased by 21%. “Food price inflation is causing a global crisis that pushes millions more into extreme poverty and worsens hunger and malnutrition,” the World Bank warns, adding that food and energy prices are driven up by climate shocks and conflicts.

222 million food insecure people

According to a recent study by the IMF, mobilization is essential $5 and $7 billion in additional costs To help vulnerable families in 48 countries hit hard by rising food and fertilizer import prices. And $50 billion This will be needed to end acute food insecurity over the next 12 months.

The number of acutely food insecure people in need of emergency assistance may rise 222 million According to the FAO-IMF report, in 53 countries and territories.