The strengthening of the dollar and the devaluation of the currencies of most developing countries have led to higher food and fuel prices.
After the introduction of restrictions on Russia’s oil supply in December, its exports will decrease by 2 million barrels per day, analysts at the World Bank said.
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After rising by around 60% in 2022, energy prices are expected to fall by 11% in 2023. Despite this, next year’s energy prices will still be 75% above average levels in the past five years.
Brent crude oil is expected to average $92/bbl in 2023, well above the five-year average of $60/bbl. Prices are expected to drop to $80 by 2024.
Prices for gas and coal are also expected to drop. That said, by 2024, coal prices in Australia and the US will still be double the average of the previous five years, while gas prices in Europe could be nearly four times higher.
Metal prices are forecast to fall 15% by 2023, mainly due to weak global growth and concerns about a slowdown in China.
In addition, the World Bank expects a decrease in prices for agricultural products – by 5% in 2023. It is noted that wheat prices in the third quarter of 2022 have fallen by almost 20%, but remain at 24% higher than a year ago. The decline in agricultural prices in 2023 reflects a stronger than expected global wheat harvest, stable supply in the rice market and a resumption of grain exports from Ukraine.
Recall that gas prices fell below one thousand dollars per thousand cubic meters – for the first time since June 14.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.