HWWI commodity price index shows mixed trend
- HWWI overall index rose by 1.9% (US dollar basis)
- Crude oil prices rose by 4.8%
- Industrial raw materials decreased by 9%
- Overall level remained high (69.1% above June)
(Hamburg, July 14, 2022) The HWWI commodity price index rose by an average of 1.9% in June compared with the previous month. Of the three sub-indices reflected in the overall index (index for energy commodities, index for industrial commodities, and index for food, beverages and tobacco), the index for industrial commodities fell again in June, this time by 9%. The index for food, beverages and tobacco fell by 3.2%, while the index for energy raw materials rose by 3.5%. Due to the high weighting of energy commodities in the overall index, the latter also rose in June, by 1.9%. The overall index is thus 69.1% higher than in June 2021 (food and beverages +27%, industrial raw materials -11.3%, energy raw materials +90%). The high price level highlights the continuing tense situation on the world markets, which is particularly related to the Russian war of aggression in Ukraine.
Index for energy raw materials rises again
The price of crude oil rose again in June by 4.8% compared with the previous month. Compared to June 2021, the price has increased by 59.3%.
The price of coal also continued to rise in June (1.5%), up 209% from June 2021.
After falling in May, the price of gas rose by 2.1% in June. It is thus currently 128.5% higher than the June 2021 figure.
Overall, the energy commodities subindex rose 3.5% (euro basis: 3.6%) to 350.6 points (euro basis: 379.9 points).
Industrial Commodities Index: Further easing of price levels
The sub-index for industrial raw materials, which is subdivided into the index for agricultural raw materials, the index for non-ferrous metals and the index for iron ore and steel scrap, fell by 9% in June compared with the previous month, having already fallen by 8.2% in May. This continues the slight easing in industrial raw material prices. The index for industrial raw materials is now actually 11.3% lower than a year earlier.
Overall, the index for industrial raw materials fell on a monthly average by 9% (euro basis: -8.9%) to 142.6 points (euro basis: 154.4 points).
Index for food, beverages and tobacco slightly lower
Like the subindex for industrial raw materials, the index for food, beverages and tobacco declined in June. It fell by 3.2% compared with the previous month. The value was thus 27% higher than the corresponding year-earlier figure. Prices for cereals fell most sharply (-6.3%). Prices for oilseeds fell by 2.6%, while prices for luxury foodstuffs rose by 2% compared with the previous month.
Overall, the index for food, beverages and tobacco fell by an average of 3.2% for the month (euro basis: -3.1%) and stood at 176.6 points (euro basis: 190.9 points).
Source: www.hwwi.org