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The report notes that U.S. dollar prices for most commodities have declined, having peaked recently, amid concerns about an impending global recession.
Since the russian invasion of Ukraine in february 2022 until the end of last month, the price of Brent crude oil in US dollars fell by almost 6%.
However, due to currency depreciation, in almost 60% of emerging market and developing economies that import oil, oil prices in local currency increased during that period.
Also, in almost 90% of these economies, the increase in wheat prices in local currency terms was higher than the increase in the US dollar.
High prices of energy commodities that serve as inputs for agricultural production have been driving up food prices.
Average food price inflation in other regions, such as Latin America and the Caribbean, was between 12% and 15%.
