The price of energy commodities including gas and coal are expected to jump by 26% this year, according to figures from the World Bank.

In its April commodities market outlook report, the organisation predicted an 8% rise next year.

Gas is expected to rise by 15% this year, led by the United States and in line with rising oil prices.

Coal is forecast to increase by 6% this year due to previous supply restrictions in China, which consumes half the world’s coal.

Oil prices 'to rise next year'

The World Bank maintained its prediction that the oil price will remain at $55 a barrel this year before rising to $60 next year.

Cuts to output by both the Organisation of Petroleum Exporting Countries (OPEC) and non-OPEC countries should support the price of oil, the report said.

It warned that the forecast could be altered if the rebound in the US shale oil industry was greater than expected.

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