The war in Ukraine is set to cause the biggest price shock in 50 years
The World Bank says war will dramatically bump up the price for goods ranging from natural gas to wheat and cotton.
Households across the world are feeling the cost of living crisis, especially poorer households that spend most of their pay on food and energy.
The World Bank says energy prices are set to increase more than 50 per cent.
This will push up bills for households and businesses, with the biggest rise in price coming from natural gas in Europe, which is set to more than double in cost.
Prices are forecast to fall next year and in 2024, but even then will remain 15 per cent higher than they were last year.
Russia produces about 11 per cent of the world’s oil.
The World Bank warns “disruptions resulting from the war are expected to having a lasting negative effect”
Governments around the world are moving to wean their countries off of supplies from Russia, helping to push up global prices by creating more demand for supplies from elsewhere.
