Global energy prices dropped 8.9 per cent in January, led by a 44 per cent decline in natural gas in Europe and a 16.1 per cent fall in coal, the World Bank’s Pink sheet reported.
The Pink Sheet is a monthly report that monitors commodity price movements.
Non-energy prices gained 1.7 per cent, led by metals.
Agricultural prices inched up 0.5 per cent in January. Food prices increased 0.4 per cent while raw materials gained 1 per cent. Beverage prices changed little.
Fertilizer prices declined 6.2 per cent, led by a 14.6 per cent reduction in urea prices and a 2.6 per cent decline in triple superphosphate prices.
Metal prices gained 6 per cent last month, following a surge in tin (16.5 per cent), iron ore (9.3 per cent), and copper (7.9 per cent).
Precious metals increased by 4.9 per cent, led by gold, according to the WB.