Projects 11% energy price decline in 2023, WB

INA – SOURCES
 
The World Bank on Wednesday said it expects energy prices to decline by 11% in 2023 after this year's 60% surge, although slower global growth and COVID restrictions in China could lead to a deeper fall.
 
The bank in its latest Commodity Markets Outlook projected a Brent crude average price of $92 a barrel in 2023, easing to $80 in 2024 but well above the five-year average of $60.
 
The World Bank said the stronger dollar - and the shrinking value of the currencies of most developing economies - had driven up food and fuel prices that could aggravate the food insecurity already affecting 200 million people worldwide.
 
"The combination of elevated commodity prices and persistent currency depreciations translates into higher inflation in many countries," said Ayhan Kose, who heads the World Bank group that produces the report.
 
He said emerging market and developing economies should brace for "a period of even higher volatility in global financial and commodity markets."