In its 2010 outlook, the IMF said the prices of many commodities were likely to increase further because of strong demand and global economic expansion moving at a faster pace.

Thomas Helbling from the IMF Research Department said that looking at commodity price prospects from a longer-term perspective highlights how prices are expected to remain high by historical standards.

He added: "The effects of the crisis have been to reduce prices somewhat below their 2008 peaks, but demand is expected to continue rising at a solid pace as industrialization continues in emerging and developing economies.

"Accommodating this demand will eventually require further capacity expansion in many commodity sectors, with some need to tap higher-cost sources."

Helbling said that with inventories remaining above average for many commodities and substantial spare capacity in many commodity sectors, the upward pressure is likely to remain moderate for some time, unless much stronger-than-expected global growth or other surprises lead to a rapid drawdown of these buffers.

The IMF commodity prices index rose by over 40pc since global industrial production reached a trough in February 2009. After previous recessions, it has only risen by five per cent over the same period.

Helbling added: "Commodity price prospects also depend on global macroeconomic conditions more broadly, including price developments for internationally traded goods and services more generally.

Information about expected future spot prices derived from key commodity futures options confirms that investors anticipate higher prices in 2010, but the probability of another commodity price spike would seem remote over the near term."