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UKRAINE: War Will Mean High Food And Energy Prices
The war in Ukraine will result in expensive food and energy for the next three years, the World Bank has warned, intensifying fears that the global economy is heading for a rerun of the weak growth and high inflation of the 1970s.
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Jun 2022In a gloomy analysis, the Washington-based Bank said there was a risk that persistently high commodity costs lasting until the end of 2024 would lead to stagflation–sluggish activity combined with strong cost of living pressures.
As a result of trade and production disruptions caused by the Russian invasion of Ukraine, the Bank is forecasting a 50% rise in energy prices this year.