Energy prices fall in December, non-energy gain little: World Bank report

Energy prices dropped 6.2 per cent in December, led by crude oil, according to a World Bank report.

Crude oil prices declined 10.7 per cent in the month.

Non-energy prices gained slightly as declines in food were offset by increases in metals, showed the Pink Sheet, a monthly report of the WB that monitors commodity price movements.

Agricultural prices eased 0.7 per cent in December. Food prices fell 1.5 per cent, led by grains, which were down 4.3 per cent.

Beverage prices changed little while raw materials gained 2.9 per cent. Fertiliser prices declined 6.1 per cent, led by urea, which saw a decrease of 11.8 per cent.

Metal prices gained 6.6 per cent last month, driven by iron ore, which rose 19.8 per cent, as well as tin and nickel, which surged around 13 per cent each.

Precious metals increased 5.2 per cent on the back of an 11 per cent price hike of silver, according to the report.