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Commodity prices posted more gains in July—Pink Sheet

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Energy prices rose 6.1% in July, led by a 6.6% increase in crude oil, the World Bank’s Pink Sheet reported. Non-energy prices jumped nearly 3% with most sub-groups moving higher. 

Agricultural prices gained 0.6%, led by beverages and raw materials (more than 1% each). Food prices changed little in July as an increase in oils and meals (+4.8%) was balanced by declines in grains (-1.6%) and other food items (-3.2%). Fertilizer prices increased 4.5%, led by a 9% jump in TSP and 6% increase in Urea. 

Metals prices surged 7.3%, in July following increases in copper (+10.7%), zinc (+7.5%), nickel (+5.3%), iron ore (5.1%), aluminum (4.8%), and lead and tin (+4% each). Precious metals jumped nearly 8%, led by a 17% increase in silver. 

 

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

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Authors

John Baffes

Senior Agriculture Economist, Development Economics Prospects Group

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Maria Hazel Macadangdang

Research Analyst, Prospects Group, World Bank

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