Energy prices strengthen in May; non-energy prices ease—Pink Sheet

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Energy prices gained 5% in May, led by crude oil (6.5%) and U.S. natural gas (24.6%), the World Bank’s Pink Sheet reported. Non-energy prices declined 4.6%. 

Agricultural prices eased 0.4% in May. Food prices as a group were fairly steady, with a 2.7% increase in grains partly offsetting a 1.5% decline in oils & meals. Beverages and raw materials declined 3.3% and 0.9%, respectively.  Fertilizer prices plunged 12.5%, led by urea (-23.5%).

Metal prices dropped 11.3% in May, with all key metals registering declines (e.g., nickel fell 15.3% and copper 7.7%). Precious metal prices dropped 5.5%, led by silver (-10.8%). 

 

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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