Energy prices surged 7.1% in May, following increases in all components—oil (+5.5%), coal (+16.1%), and natural gas for European delivery (+24.7%), the World Bank’s Pink Sheet reported. Non-energy prices jumped 6.8%.
Agricultural prices advanced 5.7% in May. Food prices rose 6.9%, led by gains in oils & meals (+8.6%) and grains (+7%). Beverages increased 5.7% while raw materials increased 1.7%. Fertilizer prices gained 4.4%.
Metal prices surged 9.1% in May, following increases in iron ore (+15.5%), tin (+13.8%), copper and lead (around 9% each), nickel (+6.4%), and aluminum and zinc (around 5% each). Precious metals rose 5.4%, following advances in gold (+5.1%) and silver (+7.1%).
The Pink Sheet is a monthly report that monitors commodity price movements.
Senior Agriculture Economist, Development Economics Prospects Group