Global commodity prices could globally decline by 15% in 2023.
A year ago, a few weeks before the invasion of Ukraine, economists were already forecasting increases in the prices of energy and raw materials. The Covid epidemic had caused upheavals in markets and global supply chains. But, at the end of February, when Russia invaded Ukraine, the anticipated increases turned into a surge. Between 2021 and 2022, the price of electricity and gas jumped by nearly 150% in Europe. That of coal swelled in Asia and on the Old Continent while nickel, among other metals, soared by 42%.
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Prices jumped 26% on average in 2022 for the major commodity markets, summarize the specialists of the Cyclops research group. A result very far from its forecasts established last January. He then bet on an overall increase limited to 4%. Beyond the war in Ukraine, this year, “very volatile, withstood several shocks“, underlines Philippe Chalmin…
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