Petrol and food prices will fall thanks to oil glut, says World Bank

Downward trend in oil price from higher production, falling demand in China and clean energy to continue

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Petrol and food prices will fall over the next two years thanks to a glut in oil production, the World Bank has said, offering hope to consumers that the cost pressures of the past three years could start to ease.

Its analysis found that this year’s downward trend in the oil price resulting from increased production, falling demand in China and the transition to clean energy is set to continue even if the conflict in the Middle East worsens.

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