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The global commodity market exhibited overall price stability in the year leading up to March 2024, although the first quarter of 2024 saw modest price growth compared to the fourth quarter of 2023. According to data sourced from the World Bank, the total commodity price index declined by 0.3% from March 2023 to March 2024 but increased by 3.5% from December 2023 to March 2024.
Further analysis of World Bank data reveals that the price index for various commodity categories witnessed fluctuations between December 2023 and March 2024. Energy commodities experienced a 4.7% increase, food and agriculture saw a 2.7% rise, and precious metals recorded a 5.8% uptick, while metals and minerals witnessed a decrease of 0.9%.
In March 2024, specific commodities such as natural gas and iron ore observed notable price declines, whereas others including cocoa, coffee, rubber, and palm oil witnessed substantial increases compared to their prices in December 2023.
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