A raw deal for commodities

HOW many statistical series can boast an ancestry as long as The Economist’s commodity price index? First published in 1864, with figures stretching back to 1845, it is probably the world’s first regularly published price index. Despite its age, the index is still alive and kicking (see article)—which is more than can be said for commodity prices themselves. The industrial commodities index has fallen this year to a record low in real terms—80% below its level in 1845 (see chart).