When people talk about inflation, they usually mean the stuff on the receipt — groceries, rent, gas. But behind every price increase is a chain of raw materials that got more expensive first. Since 2019, commodity prices have surged across the board, and the increases explain a lot about why everything from housing to electronics costs more.
Using the IMF's World Economic Outlook commodity price data, we tracked every major commodity from 2019 to 2026. The results tell the story of a global economy that went from pandemic shock to supply crisis to AI-driven demand — all in seven years.
The Full Picture: Every Major Commodity Since 2019
| Commodity | 2019 Price | 2026 Price | Change |
|---|---|---|---|
| Uranium | $25.91/lb | $78.30/lb | +202.2% |
| Tin | $18,661/tonne | $34,687/tonne | +85.9% |
| Copper | $6,010/tonne | $9,934/tonne | +65.3% |
| Aluminum | $1,794/tonne | $2,632/tonne | +46.7% |
| Coal (Index) | 114.0 | 166.3 | +45.9% |
| All Commodities (Index) | 117.0 | 167.4 | +43.0% |
| Metal (Index) | 135.3 | 191.2 | +41.3% |
| Nickel | $13,914/tonne | $15,667/tonne | +12.6% |
| WTI Crude Oil | $56.94/barrel | $93.00/barrel | +63.3% |
| Zinc | $2,550/tonne | $2,792/tonne | +9.5% |
| Iron Ore | $93.62/tonne | $100.20/tonne | +7.0% |
| Lead | $1,997/tonne | $2,035/tonne | +1.9% |
Uranium: +202% — The AI and Nuclear Energy Boom
The biggest commodity move since 2019 isn't oil or gold — it's uranium. At $78.30/lb, uranium has more than tripled from its 2019 price of $25.91/lb.
The drivers are stacking: governments worldwide are recommitting to nuclear power as a clean energy source, aging reactors are being extended rather than retired, and the AI data center boom is creating enormous new electricity demand that renewables alone can't fill. Tech companies including Microsoft, Google, and Amazon have all signed nuclear power agreements to feed their AI infrastructure. The result is a sustained uranium rally that shows no sign of stopping.
Tin: +86% — The Hidden Electronics Metal
Tin doesn't get headlines, but it's in almost every electronic device you own — it's the primary metal in solder, which connects components on circuit boards. At $34,687/tonne (up from $18,661 in 2019), tin's price reflects the global surge in electronics demand, from smartphones and laptops to EV battery management systems and AI server hardware.
Tin supply is also constrained: Indonesia and Myanmar, two major producers, have both restricted exports in recent years, tightening the global market at exactly the wrong time.
Copper: +65% — The Electrification Metal
Copper is often called "Dr. Copper" because its price tends to predict economic health. At $9,934/tonne, copper has surged 65% since 2019 — driven by the global push for electrification. Every electric vehicle uses 3-4x more copper than a gas car. Every solar panel, wind turbine, and data center needs copper wiring. Every home renovation and new construction project needs copper plumbing and electrical.
The copper price increase flows directly into construction costs, which flows into home prices and rent. When the materials to build a house cost 40-65% more, the house is going to cost more too.
Aluminum: +47% — Construction and Packaging
Aluminum at $2,632/tonne is up 47% since 2019. It's everywhere — building facades, window frames, car bodies, beverage cans, food packaging. The price increase reflects both higher energy costs (smelting aluminum is extremely energy-intensive) and strong demand from the automotive and construction sectors.
Coal: +46% (But the Real Story Is the 2022 Spike)
Coal's 2026 price is 46% above 2019 levels, but that massively understates what happened in between. In 2022, coal prices spiked to an index level of 484 — a staggering +325% above 2019 — driven by Europe's energy crisis after Russia's invasion of Ukraine. Prices have since fallen back but remain well above pre-pandemic norms.
Oil: +63% — Back Near 2022 Crisis Levels
WTI crude at $93/barrel is up 63% from its 2019 price of $56.94 — and sitting right near the 2022 highs that followed Russia's invasion of Ukraine. Oil briefly dipped into the low $60s in late 2025, but escalating Middle East tensions and OPEC+ production discipline have pushed prices back up sharply. At $93/barrel, gas prices are following: the national average is well above $4/gallon in most states, and above $5 in California. Oil at this level feeds directly into transportation costs, shipping, and ultimately the price of everything that moves by truck.
What This Means for Everyday Prices
Commodity prices are the first domino. When copper is up 65%, new construction costs more, which means home prices go up, which means rent goes up. When aluminum is up 47%, packaging costs more, which means grocery prices go up. When tin is up 86%, electronics cost more.
The IMF's all-commodity index is up 43% since 2019 — remarkably close to the 41% increase in U.S. national rent over the same period. That's not a coincidence. Raw material costs flow through to consumer prices with a lag, and the lag from the 2021-2022 commodity spike is still working its way through the economy in 2026.
Track Current Commodity and Scrap Metal Prices
The IMF data above covers annual averages through their World Economic Outlook projections. For up-to-date daily pricing on metals and recyclable commodities, visit RecycleFind's scrap price tracker, which covers current market rates for copper, aluminum, steel, and other metals.
Data source: IMF World Economic Outlook, commodity price database. All prices are annual averages except 2026, which reflects the IMF's current-year projection. For more on how commodity prices feed into consumer inflation, see our Price Changes Since 2019 overview, Grocery Price Changes, and U.S. Inflation Statistics.