This paper analyses the commodity price pass-through along the pricing chain for the global commodity price index and the indices of its main categories (i.e., agricultural raw materials, food and beverages, energy and metals) in the world, advanced and emerging economies. To do so, the study considers country-by-country vector autoregression models and pool the results by taking weighted means for 18 advanced economies and 19 emerging countries, as well as for the world (defined as the sum of advanced and emerging economies). The results show the following: (i) there is evidence in favour of partial pass-through from commodity prices to producer prices, although the evidence for the pass-through to consumer prices is less evident; (ii) the pass-through in the world seems to be led by both advanced and emerging countries for producer prices and only by advanced economies for consumer prices; (iii) higher prices in the four categories (agricultural raw materials only in the short-run) induce significant higher producer prices in almost all cases, with shocks in the prices of energy and metals showing the largest effects; and (iv) energy prices explain the highest variability of producer and consumer prices.

本文分析了全球大宗商品价格指数及其主要类别（即农业原材料、食品和饮料、能源和金属）指数在世界、发达和新兴经济体中沿定价链的商品价格传递。为此，该研究考虑了逐个国家的矢量自回归模型，并通过对 18 个发达经济体和 19 个新兴国家以及世界（定义为发达经济体和新兴经济体的总和）采用加权平均值来汇总结果。结果显示如下： (i) 有证据支持从商品价格部分传导至生产者价格，尽管传导至消费者价格的证据不太明显；(ii) 世界上的传导似乎由发达国家和新兴国家在生产价格方面主导，而在消费价格方面仅由发达经济体主导；(iii) 几乎所有情况下，四类价格上涨（仅在短期内是农业原材料）都会导致生产者价格大幅上涨，其中能源和金属价格的冲击显示出最大的影响；(iv) 能源价格解释了生产者和消费者价格的最大可变性。