High food prices to prevail in Nigeria, others till 2023 – IMF
The International Monetary Fund says the impact of the war in Ukraine is likely to sustain pressure on commodity prices, affecting oil and gas prices severely in 2022 and food prices well into 2023 in Nigeria and other countries of the world. The Washington-based lender disclosed this in its ‘World Economic Outlook: War Sets Back the Global Recovery April 2022,’ report. According to it, inflation is expected to remain high, and far longer than it had previously forecasted. It said, “With the impact of the war in Ukraine and broadening of price pressures, inflation is expected to remain elevated for longer than in the previous forecast. “The conflict is likely to have a protracted impact on commodity prices, affecting oil and gas prices more severely in 2022 and food prices well into 2023 (because of the lagged impact from the harvest in 2022). For 2022, inflation is projected at 5.7 per cent in advanced economies and 8.7 per cent in emerging market and developing economies—1.8 and 2.8 percentage points higher than in the January World Economic Outlook.