According to the World Bank’s most recent Commodity Markets Outlook report, the declining value of the Nigerian naira and the currencies of the majority of emerging nations is increasing the cost of food and gasoline, potentially worsening the food and energy crises that many of them already suffer.
The survey showed that, in US dollar terms, most commodity prices had fallen since their recent peaks on worries about a coming global recession.Information Guide Nigeria
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It also mentioned how the price of Brent crude oil in US dollars dropped by around 6% between the Russian invasion of Ukraine in February 2022 and the end of last month. Yet at this time, domestic oil prices rose in about 60% of the oil-importing emerging market and developing economies as a result of currency depreciations.
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The Washington-based bank claims that in terms of local currencies, approximately 90% of these economies likewise experienced a greater increase in wheat prices than an increase in U.S. dollars.
According to the article, rising food prices are a result of rising energy commodity prices, which are used as inputs in agricultural production.JAMB Result