The Russia-Ukraine conflict has dealt "a major shock" to commodity markets, altering global patterns of trade, production and consumption, the World Bank (WB) said in a report released Tuesday.
The increase in energy prices over the past two years has been the largest since the year 1973, according to the WB's latest Commodity Markets Outlook report.
Price increases for food commodities, of which Russia and Ukraine are large producers, and fertilizers, which rely on natural gas as a production input, have been the largest since 2008, the report noted.
The report estimated that energy prices are expected to rise more than 50 percent in 2022 before easing in 2023 and 2024.
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