The IMF metal price index also fell by 10.2 per cent in 2013-14 and by another 23.1 per cent between 2014 and 2015 (Figure 1.5). The IMF’s energy index saw the sharpest decline between 2014 and 2015, at 44.9 per cent (Figure 1.5). The continued decline in commodity prices indicates an end to the commodity supercycle that commenced in the early 2000s. The oil price fall is expected to yield a windfall for the majority of Commonwealth small states, which are net importers of oil, although in general the pass-through to retail prices has been relatively limited thus far, reflecting short-term price rigidities and exchange rate fluctuations.