The economic impact of the Russia-Ukraine conflict and the global pandemic

According to the World Bank's "Commodity Market Outlook" report released on April 26, energy prices are expected to rise 50.5 percent in 2022, non-energy prices including agricultural products and metals are expected to rise 19.2 percent in 2022, and food prices are expected to rise 22.9 percent this year. Among them, wheat prices will rise 42.7%, the highest level in a normal year. Overall, global commodity prices will remain well above their recent five-year average. The world Bank says the world is experiencing one of the biggest commodity price shocks ever. Prices of energy, food and other commodities are likely to remain "historically high" until the end of 2024 due to the Russia-Ukraine conflict and other factors, with energy prices rising by the largest amount since the 1973 oil crisis and food prices rising by the largest amount since 2008.