§ Mr. Meacherasked the Secretary of State for Trade and Industry what has been the increase in world commodity prices over and above that prevailing a year previously using the most appropriate comprehensive index available, during each month since January 1960.
§ Sir G. HoweCoverage of the term "world commodity prices" is often restricted to goods traded on the organised exchanges that conduct international business, and to the prices ruling on those exchanges. Index numbers of these prices are not compiled by my Department but may be obtained from publications such as theEconomist on whose figures the first table is based. If the coverage is extended to include all primary commodities and non-ferrous base metals, and to take into account not only prices on the 41W exchanges but other prices at which these goods are sold throughout the world, the best source is the Statistical Office of the United Nations. The second table is based
First Table "WORLD COMMODITY PRICE INDEX" (Published by the Economist) Compiled in terms of U.S. dollars Percentage changes compared with corresponding month of preceding year January February March April May June 1960 … … + 3 + 2 + 2 + 2 + 2 + 2 1961 … … - 6 - 5 - 2 - 2 - 3 - 3 1962 … … - 1 2 - 4 - 4 - 5 - 3 1963 … … + 5 + 6 + 7 + 10 + 16 + 16 1964 … … + 15 + 13 + 14 + 11 + 4 + 3 1965 … … + 2 + 3 + 1 + 1 + 2 + 3 1966 … … + 5 + 5 + 5 + 7 + 11 + 11 1967 … … - 4 - 3 - 4 - 6 - 8 - 8 1968 … … - 2 + 1 + 2 - 3 - 6 - 5 1969 … … + 2 + 1 + 1 + 7 + 10 + 11 1970 … … +10 + 9 + 11 + 9 + 8 + 5 1971 … … - 2 - 3 - 3 - 2 - 3 - 3 1972 … … + 4 + 6 + 7 + 4 + 8 + 8 1973 … … + 47 + 52 + 58 + 55 + 66 +77 July August September October November December 1960 … … + 2 + 1 — - 2 - 5 - 6 1961 … … - 3 - 4 - 4 - 2 - 1 — 1962 … … - 3 - 2 - 2 - 2 — + 1 1963 … … +15 + 9 + 12 + 22 + 25 + 18 1964 … … + 6 + 13 + 11 + 5 + 1 + 3 1965 … … + 1 + 2 + 1 - 2 - 2 + 1 1966 … … + 11 + 5 + 1 + 1 + 1 - 1 1967 … … - 11 - 9 - 4 - 3 - 1 - 2 1968 … … - 3 - 2 - 2 - 1 — + 2 1969 … … + 12 + 14 + 12 + 12 + 11 + 11 1970 … … + 6 + 5 + 5 + 1 - 1 - 2 1971 … … - 2 - 3 - 6 - 5 - 4 — 1972 … … + 9 + 14 +23 + 34 + 35 + 42 1973 … … + 83 + 84 + 66
Second Table WORLD EXPORT PRICES OF PRIMARY COMMODITIES AND NON-FERROUS BASE METALS (U.S. dollars) Percentage changes compared with corresponding quarter of preceding year 1st quarter 2nd quarter 3rd quarter 4th quarter 1960 … … … … + 3 — - 1 - 3 1961 … … … … - 4 - 2 - 2 - 2 1962 … … … … - 1 - 2 - 1 + 1 1963 … … … … + 1 + 4 + 3 + 7 1964 … … … … + 9 + 5 + 4 + 1 1965 … … … … - 1 + 2 + 2 + 1 1966 … … … … + 4 + 3 + 3 + 1 1967 … … … … - 3 - 5 4 - 3 1968 … … … … - 1 -1 - 1 — 1969 … … … … + 2 + 5 + 8 + 8 1970 … … … … + 5 + 4 + 2 — 1971 … … … … + 3 + 5 + 6 + 6 1972 … … … … + 11 + 10 + 11 + 15 1973 … … … … +21 +29 [+ 49]* * DTI estimate of change in UN figures. Source: Statistical Office for UN.