World Bank warns of 'significant' inflation risks stemming from high energy prices
Updated: 2021-10-22 10:07:14 KST
The World Bank says skyrocketing energy prices will fuel significant near-term inflation risks in many developing countries through the middle of next year.
In its latest report Thursday, the World Bank said energy prices are expected to go up more in 2022 after soaring more than 80 percent this year.
It projects oil prices will hit up to 74 U.S. dollars a barrel next year, citing climate change and the pandemic as the reasons.
It advises countries to accelerate their renewable energy strategies and reduce their dependency on fossil fuels.