According to press reports, the World Bank has warned that developing countries are to brace for higher food and commodity prices.
It says the shrinking value of the currencies is driving up food and fuel prices, which could further deepen the food and energy crises.
It noted that because of currency depreciations, almost 60 percent of oil-importing emerging-market and developing economies saw an increase in domestic-currency oil prices.
The World Bank report also says nearly 90 percent of these economies also saw a larger increase in wheat prices in local-currency terms compared to the rise in U.S. dollars.
Additionally, it said that the Ukraine-Russia war is a major contributory factor to the current crisis.
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Edited by Jesus Chan
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