The ‘Real’ Price of Primary Products

G.F. Ray

National Institute Economic Review, 1977, vol. 81, 72-76

Abstract: This article traces the course of world commodity prices back to the middle of the 19th century and attempts to assess the changes in their purchasing value by deflating them by the export prices of manufactured goods. The purchasing power of commodity prices was in decline over long periods but they usually regained their earlier real value, or improved on it, in powerful upsurges of which the 1972-74 boom was the most recent; it was also unique in peacetime and, though with fluctuations, the purchasing value of commodities has since remained at a relatively high level.

Date: 1977
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Persistent link: https://EconPapers.repec.org/RePEc:cup:nierev:v:81:y:1977:i::p:72-76_7

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