Monthly commodity prices update for January 2026

The update of the PricePedia European monthly commodity prices for January 2026 has been released. Overall, in the first month of the year, input prices in euro recorded a modest increase of +1%.

The chart below shows the price trends, in euro, of raw materials for the European market across the main PricePedia aggregates: Commodity^[1], Industrial^[2], Energy, and Food, with January 2022 set as the base (100).

The main support to the mildly upward price dynamics came from energy commodities, which increased by more than +2% month-on-month. In particular, the rise was driven by oil prices, supported by geopolitical tensions mainly linked to uncertainty over developments in Venezuela and Iran.
The customs price of natural gas also recorded a strong month-on-month increase (+6.7%), driven not only by the same geopolitical tensions but also by higher winter consumption due to cold waves affecting Europe.

By contrast, food commodities recorded a month-on-month decline of more than -2% over the same period. This decrease was mainly driven by prices of milk and dairy products (down by over -7% compared to December 2025), which have continued along the downward trend in place since July 2025.

As for industrial raw materials, prices recorded a slight increase, broadly in line with the Total Commodity aggregate. From a short-term perspective, in January 2026 price support mainly came from Non Ferrous Metals (+4.1% compared to the previous month), which continued to rise amid persistent concerns over potential supply deficits.

Industrial raw material prices in January 2026

The modest increase observed in the month-on-month dynamics of industrial commodity prices is in line with what has been recorded over the past two years, with monthly changes rarely exceeding +1%.
This weakness becomes even more evident when looking at year-on-year dynamics: compared to twelve months earlier, euro-denominated prices of industrial commodities stand about -3% lower.

Moreover, this weakness is widespread across almost all categories included in the industrial commodity index, as shown in the chart below, which reports the year-on-year changes recorded in January 2026 for the respective prices in euro.

In January 2026, among industrial commodities, only Non Ferrous Metals recorded prices more than +5% higher than their levels twelve months earlier, confirming the aforementioned concerns over supply deficits.
However, the performance of non ferrous metals appears to be an exception: all other commodity categories show lower price levels compared to the same period of the previous year, in line with what was observed in the December 2025 update.