During 2012 and the first five months of 2013,
the prices of most commodity groups continued
to retreat from their peaks reached in early 2011
(chart 1.2). Major exceptions were the prices of food
and oil, which have been fluctuating within a band
over the past two years. The main reasons for the
decline in many commodity prices over this period
were weak demand growth and an uncertain outlook
for global economic activity, together with improved
supply prospects. However, most commodity prices
still remain at substantially higher levels than the
average prices recorded during the commodity price
boom of 2003–2008 (table 1.3).