The World Bank released a report on the 26th that the conflict between Russia and Ukraine has caused a "major impact" on the commodity market and changed the global trade, production and consumption patterns, which will keep prices at "historic highs" by the end of 2024. The latest commodity market outlook report released by the world bank on the same day shows that energy prices will rise by 50.5% in 2022, and the price pressure will gradually ease in 2023 and 2024. The report predicts that the average price of Brent crude oil futures will reach US $100 per barrel in 2022, the highest level since 2013, up 42% from 2021. The report shows that non energy prices, including agricultural products and metals, are expected to rise by 19.2% in 2022, and the price pressure will ease in a few years. Wheat prices are expected to rise by 42.7% and metals and minerals prices by 15.8% this year. Overall, the report expects commodity prices to remain well above the average of the last five years. The report also points out that if the conflict between Russia and Ukraine lasts longer or Russia is subject to more sanctions, commodity prices may be higher than currently expected. The surge in trade restrictions on food, fuel and fertilizers has exacerbated commodity price shocks and concerns about stagflation are rising, said indmett gill, the world bank's vice president for equitable growth, finance and institutions. (Xinhua News Agency)