Global commodity prices drops in September_ says WB

Most commodity prices declined across the world last month_ 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% 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% and crude oil dropped 8.1% last month. Non-energy prices fell 1.7%. Agricultural prices dropped 0.8%.

Food prices changed little as a group as a 6.9% increase in grains was balanced by a 3.8% fall in edible oils_ the WB said.

Beverage and raw material prices declined 0.5% and 4.8%_ respectively.

Fertiliser prices soared by 6%_ 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 (WFP) and the Food and Agriculture Organisation (FAO) 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% last month with declines across the board_ except nickel. Precious metals declined 4.6%_ the World Bank added.