These developments, the Bank said have started to raise the spectre of stagflation as the increase in energy prices over the past two years has been the largest since the 1973 oil crisis. “The resulting increase in food and energy prices is taking a significant human and economic toll – and it will likely stall progress in reducing poverty. “Commodity markets are under tremendous pressure, with some commodity prices reaching all-time highs in nominal terms,” said John Baffes, Senior Economist in the World Bank’s Prospects Group. The sharp rise in input prices, such as energy and fertilizers, could lead to a reduction in food production particularly in developing economies. Our reporter joined the train to and fro Lagos from Ibadan and tells his experience in this report…[ICYMI] Lekki Shootings: Why We Lied About Our Presence — General TaiwoFood, energy price shocks could last for years, trigger stagflation, World Bank warns

Source: Nigerian Tribune April 27, 2022 01:56 UTC