LONDON: The cost-of-living crisis will be the biggest global risk over the next two years, a survey by the World Economic Forum warned Wednesday ahead of its Davos meeting next week.

Global inflation remains at sky-high levels after energy and food costs rocketed last year following the invasion of agricultural powerhouse Ukraine by major oil and gas producer Russia.

Supply constraints caused by the Covid pandemic have also contributed to decades-high consumer prices.

“Conflict and geo-economic tensions have triggered a series of deeply interconnected global risks,” said the study ahead of the WEF’s annual meeting of global elites in the Swiss Alpine village of Davos.

“These include energy and food supply crunches, which are likely to persist for the next two years, and strong increases in the cost-of-living and debt servicing.”

It added that such “crises risk undermining efforts to tackle longer-term risks, notably those related to climate change, biodiversity and investment in human capital”.