All major commodity price indexes fell in May—Pink Sheet

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Energy commodity prices fell nearly 3 percent in May, led by a sharp decline in European natural gas prices (-12%), the World Bank Pink Sheet reported. Crude oil and coal (Australia) prices declined as well (2.5% and 5%, respectively).

Non-energy prices declined almost 2%, with losses in all major sub-indexes.

Agricultural prices declined more than 1%, with roughly equal drops in food and raw materials. Grains were the exception (the index increased 2.5%), with gains led by maize (6%).

Fertilizer prices did not change much.

Metals prices dropped nearly 4% in response to declines in all 6 base metals; the declines were partly offset by a 7% increase in iron ore.

Precious metals prices declined nearly 1% in response to a 3% decline in silver.

The Pink Sheet is a monthly report that monitors commodity price movements.

Nominal price indexes, percent changes, May over April

Major commodity price indexes

Nominal prices, percent changes, May over April

 

Authors

John Baffes

Senior Agriculture Economist, Development Economics Prospects Group

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