Energy prices to fall 11% in 2023 as economies slow down: World Bank study

Currency depreciation in developing countries could deepen food and energy inflation: Commodity Markets Outlook report

Global energy prices will ease in the next couple of years but "remain considerably" higher than the historic average, said a report on Wednesday.

In many economies, prices in domestic-currency terms remain elevated because of depreciation and this could deepen food and energy crises.

"As the global growth slowdown intensifies, commodity prices are expected to ease in the next two years, but they will remain considerably above their average over the past five years. Energy prices are expected to fall by 11 per cent in 2023 and 12 per cent in 2024," said the Commodity Markets Outlook report for October