The prices of several commodities at the global level are lower than in the past few months.
Jakarta (ANTARA) - The price of palm oil declined by a sharp 10.15 percent in August 2022 compared to the year-ago period, Deputy for Distribution Statistics and Services at Statistics Indonesia (BPS) Setianto informed on Thursday.

"The prices of several commodities at the global level are lower than in the past few months. One of them is the change in the price of palm oil in the past few months, which has experienced a very sharp decline," he said during a press conference in Jakarta.

The price of palm oil fell by 10.15 percent to US$1,026 per metric ton (mt) in August 2022 from US$1,142 per mt in August 2021. Meanwhile, compared to July 2022, the price of palm oil declined by 2.90 percent.

Setianto also pointed to the price of another leading commodity, namely iron ore, which slid by 32.87 percent to US$108.9 per dry metric ton (dmtu) in August 2022 from US$162.2 per dmtu in the corresponding period of the previous year.

Furthermore, the prices of commodities such as nickel and crude oil also experienced a decline, though they were still higher compared to August 2021.

"For example, the price of nickel in August 2022 was still 15.23 percent higher. Then, the price of crude oil was 39.36 percent higher," Setianto said.

The price of nickel in August 2022 stood at US$22,100 per mt, higher than the previous year, when it was recorded at US$19,100 per mt. Meanwhile, the price of crude oil in August this year was US$96 thousand per barrel, up from US$68,900 per barrel in August 2021.

According to Setianto, the prices of other leading commodities, namely coal, still showed an increasing trend in the past few months compared to the previous year. Coal prices were still 110.30 percent higher in August 2022 compared to the previous year.

“(The price of) Natural gas has shown an increasing trend in the past few months. If we compare it with the same month last year, the price of natural gas is 117 percent (higher),” he said.

Related news: NFA supports Bulog to absorb more food commodities
Related news: Increased prices of key export commodities beneficial for Indonesia





Translator: Sella P, Azis Kurmala
Editor: Rahmad Nasution
Copyright © ANTARA 2022