Commodity prices are expected to remain elevated The expanding urban middle class in emerging economies is having a marked impact on a wide range of commodities.
Yet, whether it is travel, housing or protein, consumption levels in major emerging markets are still only fractions of those in advanced economies.4 With convergence a long way off, the demand for commodities can be expected to remain robust. As a result, commodity prices have risen well above their historical averages, and are likely to remain there for some time.