Energy prices fell 11.3% in May, led by natural gas in Europe (-25.2%) and coal (-17.4%), the World Bank’s Pink Sheet reported. Non-energy prices were down by 3.6%.
Agricultural prices dropped 2.5% in May. Food prices declined 3.1%, led by a 4.9% drop in edible oils and meals. Beverage and raw material price inched down 1.4% and 0.5%, respectively. Fertilizer prices fell 2.2%, led by a 20% drop in DAP.
Metal prices dropped 6.4% in May, led by zinc (-10.5%), iron ore (-10.4%), and nickel (-8.1%). Precious metals eased 0.5%.
Senior Agriculture Economist, Development Economics Prospects Group