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World Bank Projects Elevated Energy, Food Prices, Keeping Upward Pressure on Inflation
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WASHINGTON—Global prices of fuel and food are forecast to rise sharply this year due to shocks caused by Russia’s invasion of Ukraine, the World Bank said Tuesday, a sign higher commodity costs will continue to put upward pressure on inflation.
The World Bank expects commodity prices to remain elevated for years to come, as the war in Ukraine alters how commodities are traded, produced and consumed around the world.
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