30 July 2020
UNCTAD/GDS/DSI/CPB/2020/8
-8.7 -12.3 -13.3
-17.0
-5.7
3.8 2.0
-10.0
-29.2
-39.2
-31.6
-19.3
9.2 8.8 11.1
7.9 8.3 9.9 10.8
5.9 3.4 3.0 6.2 6.3
Jul
2019 Aug
2019 Sep
2019 Oct
2019 Nov
2019 Dec
2019 Jan
2020 Feb
2020 Mar
2020 Apr
2020 May
2020 Jun 2020 All groups All groups excl. fuels UNCTAD/GDS/DSI/CPB/2020/8
UNCTAD COMMODITY PRICE INDEX JUNE 2020
The average price of commodities, as measured by the UNCTAD Commodity Price Index (UCPI), increased by more than 10 per cent month-on-month for a second consecutive month. This brings the index to a level still around 20 per cent below the level 12 months earlier.
UNCTAD Commodity Price Index (UCPI), all products
Index
(2015=100) Monthly change
(percentage) Annual change (percentage)
Feb 2020 104.5 -8.6 -10.0
Mar 2020 83.2 -20.3 -29.2
Apr 2020 73.5 -11.7 -39.2
May 2020 81.1 10.3 -31.6
Jun 2020 90.4 11.4 -19.3
The UCPI excluding fuels increased 3.4 per cent month-on-month and 6.3 per cent year-on-year. It thereby continued its positive year-on-year trend observed over the last 12 months (see figure 1), showing higher stability than the overall index (see figure 2).
Figure 1. UCPI growth rate
(Year-on-year percentage change)
In June 2020,
commodity prices
decreased by 19.3%,
year-on-year
UNCTAD/GDS/DSI/CPB/2020/8 Figure 2. Long term trend of UCPI
(2015=100)
Contributions to annual change
The annual decrease in the index is mainly attributable to lower fuel prices. These prices were 35 per cent lower than in June 2019. Prices for agricultural raw material also decreased year-on-year but to a lesser degree (7.4%). The prices of minerals, ores and metals moved in the opposite direction with an increase of 10 per cent. Food prices remained relatively stable (see figure 3).
Contributions to monthly change
Like to the annual decrease, fuel prices were also the main driver of the monthly increase. While the prices in other commodity groups increased between 2 and 4 per cent, fuel prices went up by more than 20 per cent (see figure 3).
Figure 3. Growth rate by commodity group, June 2020 (Percentage)
UCPI concept
The UCPI displays the average development of prices, in United States dollars, of main primary commodities exported by developing economies. For more information, please refer to the methodological note (UNCTAD/STAT/CPB/MN/1).
All groups
All groups excl. fuels 0
100 200
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
-19.3
1.8
-7.4
10.3
-35.1 11.4
2.6 2.4 3.9
21.0
All groups All food Agricultural
raw materials Mineral, ores
and metals Fuels
Year-on-year Month-on-month
Disclaimer: The publication has not been formally edited.
