Which commodity prices are records once inflation is removed?
Derived report snapshot · 2026-10-04 · Original report
Of the 43 benchmark prices below, 6 set a record in cash terms in the last six months, but none is within 5% of its peak once prices are adjusted for US inflation. The closest is fishmeal, at 90% of its real peak. 17 cost a quarter or less of what they did at their real peak, and 13 of those peaked in the 1970s.
A cash price record says little on its own, because a dollar bought far more in 1974 than it does now. Adjusting each monthly average by the US consumer price index (in 2024 dollars) lets old and new prices be compared. The last column shows today's real price as a share of the highest real price in the series. See nominal versus real prices for how the adjustment works. Data to August 2026; click a heading to sort.
| Commodity | Latest price | Record (cash) | When | Real peak | Latest as % of real peak | 5 years | 20 years |
|---|---|---|---|---|---|---|---|
| Fishmeal | $2,500/t | $2,500/t | August 2026 | January 2013 | 90% | +66% | +222% |
| Gold | $4,411/troy oz | $5,020/troy oz | February 2026 | February 2026 | 86% | +147% | +597% |
| Tin | $55,385/t | $55,385/t | August 2026 | October 1978 | 73% | +58% | +551% |
| Copper | $14,326/t | $14,326/t | August 2026 | April 1974 | 68% | +53% | +86% |
| Palm kernel oil | $2,264/t | $2,606/t | April 2026 | February 2011 | 65% | +69% | +299% |
| Canola | $1,474/t | $2,266/t | April 2022 | April 2022 | 56% | -3% | +82% |
| Lamb | $7.43/kg | $10.28/kg | May 2011 | May 2011 | 49% | -18% | +80% |
| Bananas | $1.1/kg | $1.68/kg | December 2022 | May 1964 | 49% | -11% | +104% |
| Platinum | $1,780/troy oz | $2,434/troy oz | January 2026 | February 1980 | 48% | +76% | +44% |
| Sunflower oil | $1,492/t | $2,361/t | March 2022 | June 2008 | 47% | +10% | +124% |
| Crude oil | $90.9/bbl | $133.9/bbl | July 2008 | June 2008 | 44% | +30% | +24% |
| Chicken | $1.69/kg | $2.72/kg | June 2018 | July 1973 | 41% | -29% | +9% |
| Beef | $7.28/kg | $8.21/kg | March 2026 | August 1973 | 40% | +30% | +174% |
| Silver | $65.4/troy oz | $92.1/troy oz | January 2026 | January 1980 | 39% | +173% | +436% |
| Logs | $405.7/m³ | $562.8/m³ | March 2008 | October 1978 | 38% | -2% | +28% |
| Sawnwood | $648.7/m³ | $1,088/m³ | June 2008 | February 2008 | 38% | -2% | +2% |
| Tobacco | $6,723/t | $7,054/t | August 2025 | January 1960 | 34% | +62% | +135% |
| Aluminum | $3,251/t | $3,666/t | May 2026 | June 1988 | 32% | +25% | +32% |
| Zinc | $3,875/t | $4,405/t | December 2006 | May 1974 | 32% | +30% | +16% |
| Iron ore | $96.3/dmtu | $214.4/dmtu | June 2021 | November 2007 | 31% | -41% | +38% |
| Phosphate fertilizers | $793.5/t | $1,076/t | July 2008 | September 1974 | 30% | +32% | +248% |
| Lead | $1,855/t | $3,720/t | October 2007 | June 1979 | 29% | -23% | +58% |
| Coal | $135.2/t | $430.8/t | September 2022 | September 2022 | 28% | -20% | +166% |
| Potash | $386.9/t | $1,202/t | April 2022 | April 2022 | 28% | -44% | +101% |
| Oranges | $0.77/kg | $2.7/kg | December 2024 | December 2024 | 27% | +7% | -7% |
| Natural rubber | $2.24/kg | $5.58/kg | February 2011 | February 2011 | 27% | +31% | +5% |
| Cocoa | $5.95/kg | $10.75/kg | January 2025 | July 1977 | 25% | +140% | +267% |
| Corn | $224/t | $348.2/t | April 2022 | October 1974 | 23% | -13% | +92% |
| Wheat | $330/t | $522.3/t | May 2022 | February 1974 | 21% | +2% | +74% |
| Phosphate rock | $170/t | $450/t | October 2008 | February 1977 | 21% | +24% | +286% |
| Coconut oil | $1,853/t | $2,841/t | July 2025 | March 1974 | 21% | +24% | +206% |
| Coffee | $7.97/kg | $9.05/kg | February 2025 | April 1977 | 20% | +67% | +224% |
| Palm oil | $1,117/t | $1,777/t | March 2022 | October 1974 | 20% | -2% | +109% |
| Nickel | $16,751/t | $52,179/t | May 2007 | May 2007 | 20% | -12% | -46% |
| Plywood | 343.8¢/sheet | 751.8¢/sheet | May 1993 | May 1993 | 20% | -31% | -46% |
| Urea | $390/t | $925/t | April 2022 | January 1974 | 19% | -13% | +85% |
| Tea | $2.91/kg | $3.37/kg | August 2022 | April 1977 | 18% | +7% | +49% |
| Cotton | $2.11/kg | $5.06/kg | March 2011 | January 1974 | 15% | -5% | +60% |
| Soybeans | $482/t | $737/t | June 2022 | June 1973 | 14% | -18% | +84% |
| Peanuts | $1,250/t | $2,528/t | December 2011 | November 1980 | 13% | -13% | +42% |
| Natural gas | $2.77/MMBtu | $13.52/MMBtu | October 2005 | October 2005 | 12% | -32% | -60% |
| Rice | $471/t | $907/t | April 2008 | April 1974 | 11% | +17% | +51% |
| Sugar | $0.38/kg | $1.24/kg | November 1974 | November 1974 | 5% | -12% | +27% |
World Bank Commodity Price Data (the Pink Sheet), primary series for each commodity, monthly averages; US consumer price index from FRED (BLS). Series start at different dates (most in 1960), so "peak" means the highest month in the series shown. Cash changes over 20 years are only shown where the series is at least 20 years long. Prices are monthly benchmark 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.