Crude oil was the main driver of the 6.2% decline in global energy costs in December, according to a World Bank analysis.
The price of crude oil dropped by 10.7% during the month.
According to the Pink Sheet, a monthly report from the WB that tracks changes in commodity prices, prices other than energy increased marginally as decreases in food were offset by rises in metals.
In December, agricultural prices decreased by 0.7%. Grain prices, which were down 4.3%, were the main driver of the 1.5% decline in food costs.
Prices of beverages barely changed while those of raw materials increased by 2.9%. The price of fertilizers dropped by 6.1%, with urea seeing the biggest drop (11.8%).
Iron ore, which increased 19.8% last month, as well as tin and nickel, which each increased by almost 13%, were the main drivers of the 6.6% increase in metal prices.
According to the research, silver’s price increase of 11% led to a 5.2% rise in precious metals.