The December energy commodity price index calculated by the Hamburg Institute of International Economics (HWWI, Germany; www.hwwi.de) rose 2.8% compared to the month prior. The sub-index for natural gas increased 11.9% on the month and was 18.9% above the previous year’s value. Remarkably, while the price of natural gas fell almost 11% in the US, it rose 18.6% in the EU.

The price of coal also continues to soar: in December, the HWWI sub-index was 14.2% above the previous month. Compared to the prior year’s value, this was an increase of a whopping 129%. This surge on the coal market was not only caused by the ongoing Ukraine war: floods in Australia – an important coal exporter – have also tightened supply.

Related: Commodity costs little changed in November – German economics institute

The situation was different for crude oil prices. According to researchers, the weak economy in China, increased stocks in the US, and price reductions from Saudi Arabia have driven the crude oil sub-index down 9.5% compared to the previous month. This puts the index 6.9% above the level in December 2021.

The HWWI commodity price index is composed of the sub-indices energy commodities, industrial commodities, and food and beverages.