Energy prices continued to surge in third quarter 2021, while most non-energy prices plateaued following steep increases earlier in the year, according to the current Commodity Markets Outlook from World Bank.
After reaching all-time highs, natural gas and coal prices are expected to decline in 2022 as demand growth slows and supply constraints ease. Crude oil prices are forecast to average $74 per barrel in 2022, up from a projected $70 per barrel this year.
The report states that after rising more than 48 percent this year, metal prices are projected to decline 5 percent in 2022. Agricultural prices are expected to broadly stabilize in 2022, following a 22 percent increase this year.
High commodity prices, if sustained, could slow growth in energy-importing countries and increase food insecurity in low-income countries. Risks to the forecast include adverse weather, further supply constraints and new outbreaks of COVID-19. The fluctuations in commodit
