A sharp global growth slowdown and concerns about an impending global recession are weighing on commodity prices. In many economies, however, prices in domestic-currency terms remain elevated because of currency depreciations. This could deepen the food and energy crises already underway in a number of countries. As the global growth slowdown intensifies, commodity prices are expected to ease in the next two years, but they will remain considerably above their average over the past five years. Energy prices are expected to fall by 11% in 2023 and 12% in 2024. Agricultural and metal prices are projected to decline 5% and 15%, respectively, in 2023 before stabilizing in 2024. This outlook, however, is subject to numerous risks both in the short- and medium-term.