During this global acceleration, commodity prices rebounded. Copper prices, which are closely linked to the industrial cycle, increased 43 percent between October 2016 and March 2018, more than any other commodity. Oil prices increased 30 percent over the same period (figure 1.2, panel a), providing some relief for energy exporters and recipients of remittances in the eastern part of the region. Consistent with their strong relationship with energy prices, grain prices increased 18 percent between October 2016 and March 2018. Other agricultural prices declined, leaving the index of agricultural prices flat. The total nonoil commodity price index increased 10 percent over the last year
and a half, largely reflecting the weakening of the U.S. dollar over that period, as all commodity prices are measured in dollars.