More recently, of course, this has all changed, with the relative prices of food, base metals, iron ore and coal all increasing significantly. In the case of iron ore and coal, the prices are now at very high levels compared with their historical averages.
1  See also O’Connor and Orsmond (2007), “The Recent Rise in Commodity Prices: A Long-Run Perspective”, RBA Bulletin, April, pp 1–7. BIS central bankers’ speeches  3  Graph 4  Graph 5  4  BIS central bankers’ speeches  Graph 6  These movements in prices reflect the evolving balance of supply and demand.