South African commodity price index rises 2.7 percent in September
South Africa's dollar-denominated commodity price index rose 2.7 percent in September 2026, driven by coal, Brent crude, rhodium and iron ore. The South African Reserve Bank (SARB) reported the figures on October 13, 2026.
Coal and crude lift prices
The US dollar-denominated Index of Commodity Prices (ICP) reached 283.5 in September, up from 276.0 in August, on a base of 2015 = 100. Monthly growth slowed to 2.7 percent from 4.3 percent, while annual growth eased to 26.4 percent from 26.8 percent.
Higher coal, Brent crude, rhodium and iron ore prices drove the monthly increase.
The rand-denominated index rose to 363.0 from 353.0. Its monthly growth accelerated to 2.9 percent from 2.5 percent, and annual growth increased to 17.3 percent from 15.7 percent.
Both currency measures therefore increased for a second consecutive month, following declines from April through July, but their annual growth rates moved in opposite directions.
Gold exclusions change the picture
Excluding gold, the ICP rose to 268.2 from 258.1: monthly growth increased to 3.9 percent from 3.3 percent and annual growth to 28.6 percent from 25.7 percent.
Excluding platinum group metals, it reached 207.5 from 202.0: monthly growth slowed to 2.7 percent from 3.3 percent and annual growth to 15.9 percent from 16.7 percent.
Figure sources include Afriforesight, the International Monetary Fund, the World Bank and SARB.
Compilation methodology appears in Box 1 of SARB's September 2026 Quarterly Bulletin.
One gain, different trajectories
The headline increase masks different annual trends across the basket.
Excluding gold, annual growth accelerated, while growth excluding platinum group metals slowed.
Dollar and rand measures also diverged on annual growth, making currency denomination material to reading the release.