15.06.2022

Press release

HWWI Consult GmbH

HWWI commodity price index falls, but remains at a high level

No further increase in commodity prices in May

  • HWWI overall index fell by 2.7% (US dollar basis)
  • Crude oil prices increased by 5.8%
  • Natural gas prices fell by 20.3%
  • Overall level remains high (76.1% above May 2021)

(Hamburg, June 15, 2022) The HWWI commodity price index fell by an average of 2.7% in May compared to the previous month. The index includes three sub-indices: the index for energy raw materials, the index for industrial raw materials and the index for food and beverages. The index for industrial raw materials fell by 8.2% and the index for energy raw materials fell by 2.2% in May. The index for food and beverages rose only very slightly by 0.3%. The declines must be seen against the background of the still very high price level for raw materials. The overall index is 76.1% higher than in May 2021 (food and beverages +26.1%, industrial raw materials -4.7%, energy raw materials +100.5%). The high price level illustrates the still tense situation on the world markets which is particularly related to the Russian war against Ukraine.

Index for energy commodities falls slightly

The price of crude oil rose again in May by 5.8% compared to the previous month. Compared to May 2021, the index has increased by 64.6%.

The price of coal also rose again in May (+23.2%), up 271% compared to May 2021.

The gas price, on the other hand, fell by 20.3% in May. It is currently 141.5% above the previous year’s value of May 2021.

Overall, the energy raw materials sub-index fell by 2.2% (euro basis: -0.1%) to 338.8 points (euro basis: 366.7 points).

 

Index for industrial raw materials: Further slight easing of the price level

The industrial raw materials subindex, which is broken down into the index for agricultural raw materials, the index for nonferrous metals and the index for iron ore and steel scrap, fell by 8.2% in May compared to the previous month. This continues the slight easing from April 2022. The index for industrial raw materials is now 4.7 per cent below the previous year’s value.

Overall, the index for industrial raw materials fell by an average of 8.2% (euro basis: -6.1%) to 156.7 points (euro basis: 169.6 points) for the month.

 

Index for food and beverages: grain prices continue to rise

Unlike the sub-indices for energy and industrial raw materials, the overall index for food and beverages continued to rise in May, but only by 0.3% compared to the previous month. The value was 26.1% above the corresponding value of the previous year. While prices for cereals rose (3.8%), prices for oilseeds (-3.1%) and luxury foodstuffs (-1.9%) fell.

Overall, the index for food and beverages rose by an average of 0.3% for the month (euro basis: +2.6%) and stood at 182.4 points (euro basis: 197.1 points).

Public Relations

Elzbieta Hagemann

The HWWI Commodity Price Index is a comprehensive, weekly calculated indicator of price
developments in world commodity markets, which includes the major internationally traded commodities. Since 1960, the HWWI Commodity Price Index measures the price changes in the raw material import calculation of the industrialized countries and is thus an indicator for the cost development of imported raw materials and serves among other things central banks, research institutes and international institutions for their analyses.