The World Bank has said that global commodity prices declined by almost 25% in 2023 relative to 2022.
This is the sharpest drop since the pandemic, it added.
Commodity prices are expected to stabilize in 2025, the World Bank projected.
Global commodity prices declined by almost 25% in 2023 relative to 2022, the sharpest drop since the pandemic. Commodity prices are expected to stabilize in 2025.
More in our 2023 #YearInReview:https://t.co/GYz79fQwue pic.twitter.com/oEPQPDsYIN
— World Bank (@WorldBank) January 2, 2024
As of December 4 last year, the Bank said energy prices decreased by 8.2 percent in November led by coal (-12.9%) and oil (-8.7%). Non-energy prices were up by 1.7%. Food prices inched up 0.9%, beverages gained 7% and raw materials changed little.
Fertilizer prices dropped 2.9%. Metal prices rose by 2.7% led by iron ore (+10.4%) and Zinc (+5.3%). Precious metals climed by 3.7 percent.
