South African commodity prices fall 0.5 percent in October
South Africa's US dollar-denominated commodity price index fell 0.5 percent in October 2026, according to the South African Reserve Bank (SARB). Lower iron ore, gold, palladium and platinum prices drove the decline.
Dollar index ends two-month rise
The US dollar-denominated SARB Index of Commodity Prices (ICP) recorded its first monthly decline since July 2026.
The index fell to 282.0 in October from 283.5 in September, with 2015 equal to 100. Annual growth slowed from 26.4 percent to 20.8 percent.
Excluding gold, the index rose 0.5 percent month on month to 269.7, while annual growth eased from 28.7 percent to 26.3 percent.
Excluding platinum group metals (PGMs), it fell 1.9 percent to 203.5, with annual growth slowing from 16.0 percent to 10.2 percent.
Lower iron ore, gold, palladium and platinum prices accounted for the headline decline, following monthly increases of 4.3 percent in August and 2.7 percent in September.
Rand measure keeps rising
The rand-denominated ICP rose 1.7 percent in October 2026 to 369.1, up from 363.1 in September.
Its annual growth rate eased to 15.7 percent from 17.3 percent, despite the monthly increase.
All four published index series use a 2015 base of 100. SARB refers readers to the September 2026 Quarterly Bulletin for the compilation methodology.
The figures cite Afriforesight, the International Monetary Fund, the World Bank and SARB as sources.
The next release is scheduled for December 8, 2026, at 09:00.
Currency measures diverge
October's decline was confined to the dollar-denominated headline measure; the rand index continued to rise.
Both measures nevertheless recorded slower annual growth.
The increase excluding gold also contrasts with the decline excluding PGMs, distinguishing movements within the commodity basket.