Food prices remain high for years to come

The war in Ukraine will keep commodity prices at historically high levels at least until the end of 2024, including for food, according to a new report from the World Bank. The institution fears for an age of stagflation.

Biggest shock since 1970s

Food and energy prices could remain high for years to come, the World Bank warns (again). Since the oil crisis in the 1970s, commodity prices have never again risen so sharply, but now the effects of the war in Ukraine and energy prices are amplifying each other. Price increases for food commodities – of which Russia and Ukraine are major producers – and fertilisers are already the largest since 2008.