Energy prices fell 1.3% in July, as a 10% decline in crude oil was balanced by a 50% gain in European natural gas prices, the World Bank’s Pink Sheet reported. Non-energy prices fell 8.9%.
Agricultural prices dropped 7.4% in July. Food prices declined 8.5%, led by grains (-8.3%) and oils & meals (-13.1%). Beverages and raw materials dropped 2.3% and 6.2%, respectively. Fertilizer prices eased 3.7%.
Metal prices plunged 13.4% in July, with most key metals registering large declines (e.g., tin dropped 19.5%, iron ore 17%, and copper and nickel more than 16% each). Precious metal prices declined 6.6%.
The Pink Sheet is a monthly report that monitors commodity price movements.
Senior Agriculture Economist, Development Economics Prospects Group