Our Markit Materials Price Index (MPI) fell 0.5% last week, following a 1.4% decrease the previous week. This was the third consecutive drop in the MPI; declines were also broad with seven of the MPI's ten subcomponents falling. Notwithstanding their recent consolidation, commodity prices as measured by the MPI are still up 21% since the beginning of 2021. {chart} Chemicals prices were the largest contributor to last week's downward move. Global chemical prices fell 2%, after a 5% drop the previous week, as supply bottlenecks continue to ease. Ethylene markets globally witnessed the largest declines, with North ... (full story)