Materials Price Index (MPI) fell 0.8% last week, building on the 1.3% decline in the previous week. Prices declined in eight of the ten subcomponents of the index, highlighting widespread weakness around growing recession fears. The general direction of commodity prices has been down since their recent peak in early March, though the MPI is still up 15% year-to-date, and 5.1% year-over-year. {chart} Energy and lumber prices were the only subcomponents to register increases. The 9% climb in energy prices was driven by large increases in natural gas prices in Europe and Asia. Both regions are scrambling for LNG imports ... (full story)