More significantly, over the same period, China accounted for all the consumption growth in lead and zinc, and for 30 per cent of world consumption growth in oil. Due to its rapid growth and rising share in the world economy, China is expected to retain its critical role in driving commodity price movements.
The recent increase in food prices has been the result of a number of factors including a weaker US dollar, the impact of higher energy and fertiliser prices, crop-specific supply shortfalls and droughts, and low inventory levels. Some analysts suggest that higher global real incomes have also contributed to the upward pressure on food prices.