Global commodity prices have been declining over the last year and have been manifested in all segments. While the slowdown in growth in most countries, especially China, has been a factor lowering demand for most commodities, better supply of farm products relative to demand has led to the lowering of prices, according to CARE Ratings. 

"World inflation came down from 3.9% in 2013 to 3.5% in 2014 and is expected to go down further to 3.2% in 2015," it opined.

For advanced economies, the rate was unchanged at 1.4% in 2014 but is expectedto decline to 0.4% in 2015 according to the IMF. "For emerging markets and developing countries inflation had come down sharply from 5.9% in 2013 to 5.1% in 2014, but is expected to increase to 5.4% in 2015."  

Lower crude oil prices have meant that all countries have benefited from this drop, especially those which are large users of the product. India has also benefited from lower prices of import of metals and metal products and fertilizers. 

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