Rising Food And Fuel Prices Could Cripple Global Economic Growth

Russia’s war in Ukraine has resulted in the steepest rise in energy prices in nearly 50 years and the largest increase in food prices in 14 years, causing the biggest shock to commodity markets since 1973, the World Bank said in its latest semi-annual commodities outlook this week.   Soaring prices of energy and food pile further upward pressure on already rampant inflation globally, making central banks’ task to tame inflation more complicated compared to just two months ago. The Fed and other central banks expect to raise…