Energy prices declined 7.3% in February, led by coal (-34.8%) and natural gas in the U.S. (-27.2%). Non-energy prices changed little as a group, as gains in agriculture were offset by the easing of fertilizer and metal prices.
Agricultural prices increased 1.2% in February. Food and beverage prices gained 1.0% and 5.2%, respectively, while raw materials dropped 0.9%. Fertilizer prices declined 5.6%, led by Urea (-19.4%) and TSP (-3.8%).
Metal prices eased 1.7% in February, led by zinc (-5.3%), nickel (-5.2%), and lead (-4.9%). Precious metals declined 3.1%, following a 7.3% drop in silver.
The Pink Sheet is a monthly report that monitors commodity price movements.
Senior Agriculture Economist, Development Economics Prospects Group