Commodity prices weakened in August—Pink Sheet

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Energy prices were down 2.1% in August, led by a 6% drop in oil, the World Bank’s Pink Sheet reported. Non-energy prices averaged 1% lower. 

Agricultural prices gained less than 1% in August. Food prices as a group changed little, as increases in oils & meals (+1%) and other food items (+2.1%) were balanced by declines in grains (-4.2%).  Beverages surged nearly 5% while raw materials gained 0.7%. Fertilizer prices were up 3%, led by a 9% jump in phosphate rock and potassium.

Metal prices dropped 4.4% in August, led by a nearly 25% decline in iron ore; most base metals increased, including lead (+3.3%), tin (+3%), nickel (+1.7%), and zinc (+1.4%). Precious metals were down 2.3% , led by platinum (-7.2%) and silver (-6.6%).

 

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

Authors

John Baffes

Senior Agriculture Economist, Development Economics Prospects Group

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