We combine the work of Garg and Konemann, and Fleischer with ideas from dynamic graph algorithms to obtain faster (1-ε)-approximation schemes for various versions of the multicommodity flow problem. In particular, if ε is moderately small and the size of every number used in the input instance is polynomially bounded, the running times of our algorithms match -- up to poly-logarithmic factors and some provably optimal terms -- the Ω(mn) flow-decomposition barrier for single-commodity flow.