Global commodities buyers to pay $5.2tln more in 2022 as price rise bites

RIYADH: Global buyers of commodities are expected to pay $5.2 trillion more to producers in 2022 compared to 2019 as surging prices further dent the sector, Bloomberg reported citing a new base case analysis from Citigroup Inc.

The analysis pegs this rise as equivalent to 5 percent of the world’s gross domestic product. 

The report warns that if the price rise trend continues in the second half of this year, buyers would be paying $6.3 trillion more than what they paid during 2019, or 6.2 percent of GDP.