Prices

Growth of consumer prices worldwide
Inflation rates were above the five-year average in developing as well as developed economies in 2021. Inflation was especially high in Venezuela (+1590 per cent), Sudan (+360 per cent) and Cuba (+260 per cent). Another seven economies recorded consumer price increases of over 40 per cent and another eight over 12 per cent. The median inflation rate was 3.8 per cent among developing and 2.8 per cent among developed economies. Only seven economies experienced deflation in 2021, and only one (Samoa, -3.0 per cent) recorded a consumer price decrease of more than 1 per cent.
Trends in exchange rates
From 2020 to 2021, the yuan and the pound sterling appreciated by around 7 per cent against the United States dollar. Over the same period, appreciation of the euro was about half of that while the yen depreciated by nearly 3 per cent against the dollar.
Commodity price index rose sharply, led by fuel prices
The UCPIUNCTAD Commodity Price Index increased by 55 per cent on an annual basis in 2021, more than any other year over the last two decades. An increase in fuel prices, increasing by 86 per cent, accounted for most of this sharp increase in the overall index. However, even excluding fuels the index rose by 23 per cent and approached its previous 2011 peak. The commodity group with the highest prices compared to the base year of 2015 was minerals, ores and non-precious metals. These have doubled in price over the last six years.
Commodity price increase continued into 2022
Since March 2021 and through the first half of 2022, fuels were over 80 per cent more expensive than twelve months earlier. Other commodity groups also recorded positive year-on-year growth in prices through most of the same period. The net effect was the UCPI in August 2022 reaching its highest levels since the UCPI was first compiled and published in 1995.
Notably, food commodity prices have consistently had a positive year-on-year growth rate throughout 2021 and into 2022. These price increases abated in the second quarter of 2022 but in August 2022 food commodities were 42 per cent dearer than in the same month two years earlier. In comparison to other commodity groups, prices of agricultural raw materials have remained relatively stable.
Note: Percentage change of UCPI sub-indices, compared to the same month in the previous year.
Concepts and definitions
Changes in consumer prices are measured by the consumer price index (CPIconsumer price index), which depicts the price of a basket of consumer goods and services representing average consumption by private households during a year, relative to the base year 2010.
The UNCTAD Commodity Price Index (UCPI) measures the average price, in United States dollars, of main primary commodities exported by developing economies relative to the base year 2015. The weights used in the calculation of the average price represent the shares of commodity groups in developing economies’ total commodity exports observed over three years from 2014 to 2016. The overall index is decomposed into sub-indices displaying the price movements of individual commodity groups. The basket of the UCPI was entirely overhauled in 2018. For details, see Calculation methods and -—
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Summary tables
References
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