The war in Ukraine is set to cause the “largest commodity shock” since the 1970s, the World Bank has warned.
In a new forecast, it said disruption caused by the conflict would contribute to huge price rises for goods ranging from natural gas to wheat and cotton.
The increase in prices “is starting to have very large economic and humanitarian effects”, Peter Nagle, a co-author of the report, told the BBC.
He said “households across the world are feeling the cost of living crisis”.
“We’re particularly worried about the poorest households since they spend a larger share of income on food and energy, so they’re particularly vulnerable to this price spike,” the senior economist at the World Bank added.
h/t Captain KC Jones