Free Trial

Key Support Remains Exposed


Pullback Extends, But Still Looks Corrective in Nature


FED Remains in Play Post-NFP/ISM Data

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Commodity Deflation In Metals, But Not Energy Or Food


Global commodity price inflation continues to show signs of having peaked in early-to-mid 2022. U.S. inflation expectations have largely followed the same trajectory.

  • But Y/Y drops in commodity prices are confined largely to industrial and precious metals, which have respectively been negatively impacted by weakening global industrial activity and the soaring US dollar.
  • Global energy and food prices - which have been disproportionately impacted by the Russia-Ukraine War - are broadly up 10 to 30% above year-ago levels. U.S. retail gasoline prices are shown alongside this to show feed-through to consumer prices.
  • And the below represents prices in USD - with dollar strength a key theme this year, foreign buyers are paying more in local currency for imported commodities. For instance, priced in Euros, the Energy index is up 48% Y/Y, vs 26% in USD terms.
  • While that's still well below the peak, and lower metals prices could help pipeline price pressures on the margin, headline consumer prices are set to remain elevated Y/Y through the end of 2022 at current levels.

Source: BBG Commodity Indices, AAA, Federal Reserve, MNI

To read the full story

Why Subscribe to

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.