World Bank Forecasts Major Dip in Global Commodity Prices

The World Bank says that prices of important goods around the world might drop to their lowest point in five years. This means things like oil, gas, food and metals could become cheaper. The reason is that people and businesses are buying less there are fewer big problems between countries and shipping goods has become easier.

Oil and gas prices are expected to fall the most. This is because more is being made but big countries like China and those in Europe are not using as much. Food prices like for wheat, corn and soybeans, may also go down. This is thanks to good weather and bigger harvests in places that grow a lot of food. Metal prices could drop too because fewer buildings and products are being made in some countries.

The World Bank says cheaper prices could help stop inflation that’s when prices go up too fast. But countries that make money by selling these goods might lose money and grow more slowly. At the same time countries that buy most of their goods from others could benefit. They might save money and life could get a little cheaper for people living there. Still, the World Bank warns that things could change fast. Wars, bad weather or other problems might make prices go up again.

In the end, this report shows that the world economy is changing. It could be good for shoppers, but tough for sellers. Leaders should get ready for whatever comes next.