According to the research, prices for the majority of commodities have dropped from their recent heights in U.S. Dollars amid worries about a coming global recession.
The price of Brent crude oil in U.S. Dollars declined by over 6% between the Russian invasion of Ukraine in February 2022 and the end of September.
However, due to currency depreciations, domestic oil prices rose in over 60% of the oil-importing emerging market; and developing nations during this time.
It claimed that rising energy commodity costs, which were used as inputs in agricultural production, were responsible for raising food prices. Studies by the World Bank Group revealed that South Asia’s average food price inflation during the first three quarters of 2022 was more than 20 percent.