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The energy price index declined 0.5% in September, as a 5.2% drop in Australian coal prices was partly offset by a 2.2% increase in U.S. natural gas prices. The non-energy price index increased nearly 1%, with food up 0.4%, beverages largely unchanged, and raw materials gaining 0.5%. Fertilizer prices fell 4.4%, metal prices rose 2.9%, and precious metals surged 9.3%.

Faltering economic growth is coinciding with ample oil supply in ways that are expected to drop global commodity prices to their lowest level of the 2020s, according to the World Bank’s latest Commodity Markets Outlook. The decline could moderate near-term inflation risks emerging from rising trade barriers, but it could also hamper prospects for economic progress in two out of every three developing economies.

Commodity Markets: Evolution, Challenges, and Policies

Global commodity markets are being reshaped in lasting ways as a result of COVID-19, the war in Ukraine, and the impacts of climate change—a transformation that is likely to have profound implications for developing economies over the coming decades, a new World Bank study has found.