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World Bank predicted that energy prices will rise steeply until the first half of next year. There are concerns that it could lead to severe inflation around the world.
Correspondent Kim Jong-won from New York.
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This is a report published by the World Bank, an international economic organization established to support developing countries.
The World Bank predicted that energy prices, including oil prices, will surge by an average of 80% this year compared to last year.
In particular, oil prices are expected to rise to $74 per barrel next year due to increased demand.
It is predicted that such a high energy price will continue next year, and then begin to decline as supply becomes smooth in the second half of the year.
However, he warned that energy prices could rise further in the future as the so-called 'supply bottleneck', in which supply cannot keep up with increasing demand due to the aftereffects of the corona crisis, continues.
The World Bank noted in its report that such a surge in energy prices could lead to global inflation, putting a strain on economic growth in many countries.
The increase in natural gas, coal, and oil prices also affects the production of other commodities and is putting pressure on the price increase. In particular, as fertilizer production decreases, the cost of food crops increases, causing food shortages, and the production of some metals also decreased.
However, food and metal prices are expected to decline slightly next year.