Prices of Industrial Raw Materials Fall More Strongly than Expected

The downward movement of prices of industrial raw materials accelerated in 1993 (–14 percent). Prices of agricultural raw materials (e. g., wool, sawn wood, and caoutchouk) and of some non-ferrous metals (lead, zinc, and nickel) dropped by one fourth. The recession in the OECD countries depressed overall prices; other factors were large sales by the Eastern European countries, persistent high excess production capacities and high stock piles. Prices of Austria's imports of raw materials fell by about the same percentage. For 1994 prices are expected to rise by 4 percent.