The conflict in West Asia, which comes on top of disruptions caused by the Russian invasion of Ukraine, has resulted in limited impact on commodity prices but could bring “dual shock” to commodity markets as energy market turmoil could intensify food insecurity, the World Bank said in its latest Commodity Markets Outlook.
Noting that the ban on exports of non-basmati rice by India has “roiled global markets since mid-July”, the World Bank said developing countries should avoid trade restrictions such as export bans on food and fertilisers.
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