World faces biggest energy shock since 1970s: World Bank

Energy prices have surged since the Russian invasion of Ukraine and, along with other commodities, are likely to remain at "historically high" levels through 2024, endangering economic growth, the World Bank warned Tuesday.

"This amounts to the largest commodity shock we've experienced since the 1970s," said Indermit Gill, the World Bank's vice president for equitable growth, finance and institutions.

The shock -- which is expected to push energy prices up 50 percent this year -- is being aggravated by trade restrictions and rising prices for food, fuel and fertilizers.