Global commodity prices are expected to fall this year at their fastest rate since the pandemic began, casting a shadow over growth prospects for nearly two-thirds of developing economies that rely on commodity exports, the World Bank said in its latest commodity market outlook.
Lower prices are expected to provide little relief and relief for some 350 million people worldwide facing food insecurity. Although food prices are expected to fall by eight percent in 2023, they will be at their second-highest level since 1975.
Moreover, as of February this year, the annual food price inflation rate has reached around 20 percent in global markets, the highest level over the past two decades.
Source (Al-Arab Newspaper of London, Edited)
