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Most commodity prices declined globally in September, according to the World Bank, extending some relief to the import-dependent countries under pressure for higher import bills and runaway inflation.
Energy prices fell 8.1 per cent in September, led by a decrease in natural gas and crude oil prices, the World Bank’s Pink Sheet reported on October 10.
The Pink Sheet is a monthly report that monitors commodity price movements.
Natural gas prices were down 15.6 per cent and crude oil dropped 8.1 per cent last month. Non-energy prices fell 1.7 per cent.
Agricultural prices eased 0.8 per cent in September.
Food prices changed little as a group as a 6.9 per cent increase in grains was balanced by a 3.8 per cent fall in edible oils, the WB said.
Beverage and raw material prices declined 0.5 per cent and 4.8 per cent, respectively.
Fertiliser prices gained 6 per cent, a blow for the nations that rely on the international markets to secure farm inputs as the risk of a major food crisis in the world grows.
A report, produced by the World Food Programme and the Food and Agriculture Organisation of the United Nations, recently said the world faces its largest food crisis in modern history, with conflict, climate shocks and the threat of global recession putting millions at risk.
The gauge for world food commodity prices, however, declined for the sixth month in a row in September, with sharp drops in the quotations for vegetable oils more than offsetting higher cereal prices, said the FAO earlier this month.
Metal prices dropped 5.7 per cent last month with declines across the board, except nickel. Precious metals declined 4.6 per cent, the World Bank added.
(TDS)
