The Scotiabank commodity index has plummeted to levels not seen since 2007. The monthly barometer of the sector has declined with pressures from a stronger US dollar and increased competition. The bank says that the broad index fell by 8.6 per cent in January from the month before and 27.9 per cent from a year earlier. The gas and oil sub index had a more dramatic month-over-month drop of 21.5 per cent.
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