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War in Ukraine has had immediate impacts on the commodity market through higher prices and pronounced volatility, which will lead to secondary effects of inflation and worsening food insecurity, according to the report “War in the Region,” by the World Bank.

The report examines the humanitarian and economic impacts of the war, noting that it has threatened the stability of geopolitical relations. Economic output in Europe and Central Asia is forecast to contract 4.1% in 2022, making it the second major shock and regional recession in two years.

World bank shares its view on how Russia/Ukraine effect prices (