The war in Ukraine caused a major shock to commodity markets, changing global patterns of trade, production and consumption. According to the World Bank's latest commodity market outlook report, war-related food and energy price shocks could last for years.

The latest World Bank report notes that the increase in energy prices over the past two years is the largest since the 1973 oil crisis. Price increases for food and fertilizers, which depend on natural gas as a production input, were the largest since 2008. In the short term, rising prices threaten to disrupt or delay the transition to cleaner forms of energy.

The report urges policymakers to act quickly to minimize the damage done to their citizens and the global economy. It calls for targeted safety net programs such as cash transfers, school feeding programs and public works programs, rather than food and energy subsidies. A key priority should be to invest in energy efficiency, including the weatherisation of buildings. It also calls on countries to accelerate the development of carbon-free energy sources such as renewables.