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At the same time, there has also been a marked increase in commodity price volatility.
For example, higher commodity price volatility could induce greater volatility in the public finances of commodity-exporting countries and thus lead to intermittent public investments.
Global food commodity values increased by nearly 40% in the two years prior to the Russian invasion of Ukraine, and the war has pushed prices even higher.
The cost of wheat also rose by 38% in march 2022 from the previous month. Energy prices rose sharply and, in Europe, natural gas prices have tripled.
Likewise, the price of energy has also been felt in the historical prices of fertilizers commonly used for food production.
These measures would help avoid distortions that would prevent or delay adjustments to higher energy prices. In addition, they would maintain incentives for the development of alternative green energy sources and support fiscal sustainability.
This would also have beneficial distributional effects, as energy subsidies often benefit wealthier households as well.
Translated by: A.M