How have energy, metals and food prices moved since 1960?
Derived report snapshot · 2026-10-04 · Original report
The World Bank's all-commodities index stands at 122 in August 2026 (2010 = 100), but in inflation-adjusted terms it is 51% of its June 2008 peak. Energy is 45% of its June 2008 real peak, metals and minerals 65% of April 1974, and grains only 19% of February 1974.
The first chart is in cash terms and the second removes US inflation (2024 dollars), which turns the steady upward drift of the first into a series of booms and long declines. Each index is a weighted average of the benchmark prices in its group; the weights and 2010 base are the World Bank's. The peaks in the early 1970s, in 2008 and around 2022 are the episodes the supercycles explainer discusses.
Cash prices (2010 = 100)
Adjusted for inflation (2024 dollars)
| Index | Latest (cash) | Real, % of peak | Real peak | Real change, 10 years |
|---|---|---|---|---|
| Grains | 119 | 19% | February 1974 | +11% |
| Oils and meals | 119 | 19% | July 1973 | −7% |
| Other food | 119 | 20% | November 1974 | −18% |
| Beverages | 176 | 20% | April 1977 | +34% |
| Agricultural raw materials | 98 | 29% | May 1960 | −1% |
| Timber | 83 | 32% | July 1993 | −33% |
| Energy | 118 | 45% | June 2008 | +46% |
| All commodities | 122 | 51% | June 2008 | +33% |
| Base metals | 165 | 62% | April 1974 | +72% |
| Metals and minerals | 146 | 65% | April 1974 | +65% |
World Bank Commodity Price Data (the Pink Sheet) monthly indices, 2010 = 100 (the all-commodities index averages 100 in 2010), deflated month by month with the US consumer price index (BLS via FRED). The real lines are on the same numeric scale as the cash ones. Prices are monthly averages and are not investment advice.
Source snapshot and downloads
Recreated from Commodity Origins' published derived reports under CC BY 4.0. Report figures retain the publisher's definitions, coverage and reporting years. Selection of underlying commodity rows in our commodity explorer is separate and may have different coverage. Source notes above identify the upstream data; no publisher endorsement is implied.
Snapshot retrieved 2026-10-05. New source vintages require review and republication.