New Delhi: There is some good news for Indian policymakers battling high energy prices. The World Bank has projected a decline in energy prices by 11% in 2023 after surging by about 60% in 2022.
But the multilateral agency’s latest commodity markets outlook report cautioned that despite the moderation, energy prices next year will still be 75% above their average over the past five years.
It also flagged a major risk, saying shrinking value of currencies of most of the developing economies is driving up food and fuel prices in ways that could deepen the food and energy crises that many of them already face.
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