Energy prices advanced further in January, led by a surge in European natural gas (+24.1%) and crude oil (+10%), the World Bank’s Pink Sheet reported. Non-energy prices increased 4.4%.
Agricultural prices gained 5% in January. Food prices advanced 7%, led by grains (+11.1%) and oils and meals (+6.8%). Raw materials rose 1.2% while beverages were almost flat (+0.3%). Fertilizer prices jumped 5.2%.
Metal prices gained 3.2% in January following increases in tin (+11.1%), iron ore (+9.1%), and nickel (+6.2%), and declines in zinc (-2.7%) and aluminum (-0.5%). Precious metals rose 1.1%, led by platinum (+6.1%) and silver (+3.7%).
The Pink Sheet is a monthly report that monitors commodity price movements.
Senior Agriculture Economist, Development Economics Prospects Group
Hazel Macadangdang
