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Iran war to push energy prices to highest since Ukraine invasion: World Bank
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<span class="field field-title">Iran war to push energy prices to highest since Ukraine invasion: World Bank</span>
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<div class="field field-field-text"><p>The World Bank said that war in the Middle East is expected to push energy costs this year to their highest since Russia's full-scale invasion of Ukraine.</p>
<p>"The war is hitting the global economy in cumulative waves: first through higher energy prices, then higher food prices, and finally, higher inflation," said World Bank chief economist Indermit Gill.</p>
<p>Energy costs are projected to make a 24-percent surge this year, hitting their highest level since Russia's 2022 invasion of Ukraine, the World Bank said.</p>
<p>Meanwhile, fertiliser costs are set to jump by 31 percent this year due to a 60-percent surge in urea prices, dragging fertilizer affordability to its worst since 2022 as well.</p>
<p>Commodity costs overall are expected to spike by 16 percent in 2026, driven by fallout from the war and metals prices.</p>
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