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Commodities Have Lost 20% Since June’s Peak Amid Recession Fears

  • Despite tight supplies, prices from fuel to wheat are slumping
  • The pullback could bring relief to consumers hit by inflation

A key commodities gauge has plummeted since reaching an all-time high a month ago as recession fears ravage what was one of the most resilient corners of the market.  

The Bloomberg Commodity Spot Index, which tracks 23 energy, metal and crop futures contracts, has lost more than 20% after touching the record in June. Prices for everything from gasoline to wheat are slumping on concerns that a stagnating economy will hurt demand. Though commodity supplies remain tight, the retreat could provide much-needed relief to consumers struggling with surging inflation.