The Decline of Commodity Prices

All commodities are, in a long-term price decline, even as consumption steadily increases. The time needed to earn a basket of 50 commodities has fallen by 75.2% over the period between 1980 and 2020. An hour of work in 2020 could buy 4.8 times as much of the 50 basic commodities as it could buy in 1980. Implying an annual growth rate of 3.55% and a doubling of commodity abundance every 20 years.