The World Bank predicts that the global supply of oil will exceed demand significantly over the next few years, facilitating a decline in prices for both oil and food commodities.
The analysis forecasts a drop in Brent crude prices from an average of $80 this year to $73 in 2025 and $72 in 2026, providing expectations for reduced consumer costs.
Global food prices are expected to decline by 9% this year, followed by an additional 4% decrease in 2025, as the tumbling oil prices impact the cost of commodities.
Despite anticipated price drops, the report notes that overall commodity prices will remain about 30% higher than pre-Covid levels, indicating lingering inflation concerns.
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