A companion to Global Development Finance 2009. The slowing of global growth, whichpreceded the financial crisis by several months, promptedcommodity prices to start falling in mid-2008. The eruptionof the full-blown crisis and the rapid drop-off in economicactivity since September of that year accelerated thisprocess markedly. Demand for most commodities (notably, inhigh-income industries and in China) slowed or declined,particularly for oil and metals. By December 2008, crude oilprices had dropped to $41 a barrel, down more than 70percent from the July peaks, while non-energy prices,including food,had declined bynearly 40 percent. SinceDecember, prices have firmed, with crude oil prices up to$69 on average in June 2009, and prices for foods and metalsup 22 and 13 percent, respectively.
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