Commodity prices experienced a strong recovery during 1987, after the steep decline of 1984–86. By December 1987 the Fund’s index of non-oil commodity prices was about 15 percent above the level of a year earlier in terms of SDRs, and some 30 percent higher in terms of the depreciating U. S. dollar. All commodity groups shared in the recovery, but the greatest strength came in agricultural raw materials and metals.