UK - The war in Ukraine is set to cause the "largest commodity shock" since the 1970s, the World Bank has warned. Energy prices are set to increase more than 50%, pushing up bills for households and businesses, the World Bank says. Similarly oil prices are expected to remain elevated into 2024 with a barrel of the benchmark measure, Brent Crude, projected to average $100 this year, something which will lead to widespread inflation. Wheat is set for record highs. The World Bank commodity outlook also warned many foods are set to see steep rises in their costs. The UN food prices index already shows they are at their highest since records began 60 years ago. "Wheat is one of the hardest agriculture exports to replace," according to a research note from the Bank of America. The chief executive of Archer Daniels Midland, one of the world's four big food commodity traders, said he does not expect prices to come down soon. A forecast 69% increase in fertiliser prices this year means "there's a real risk that as farmers start to use fewer fertilisers, agricultural yields will decline".