Energy prices dropped 8.9% in January, led by natural gas in Europe (-44%) and coal (-16.1%), the World Bank’s Pink sheet reported. Non-energy prices gained 1.7%, led by metals.
Agricultural prices inched up 0.5% in January. Food prices increased 0.4% while raw materials gained 1%; beverage prices changed little. Fertilizer prices declined 6.2%, led by Urea (-14.6%) and TSP (-2.6%).
Metal prices gained 6.0% in January, following a surge in tin (+16.5%), iron ore (+9.3%), and copper (+7.9%). Precious metals increased 4.9%, led by gold.
The Pink Sheet is a monthly report that monitors commodity price movements.
Senior Agriculture Economist, Development Economics Prospects Group
Hazel Macadangdang
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