Currency depreciations risk intensifying global food, energy crisis: WB
Oil, wheat prices shot up as major currencies weakened; India remained mostly unscathed
Currency declines to worsen food, energy crisis, says WB
US— According to the World Bank's current Commodity Markets Outlook report, most developing economies' currencies are losing value, raising food and fuel prices and worsening their food and energy crises.
Currency depreciations raised domestic-currency oil prices in about 60% of oil-importing emerging-market and developing nations.
World Bank concerned over depreciating currencies in developing countries
Saavedra warned that rising food costs could prolong food poverty in developing nations. Supply, distribution, and real earnings require a variety of policies.
From the Russian invasion of Ukraine in February 2022 through the end of previous month, the price of Brent crude oil in US dollar fell by nearly 6 per cent.