That quote is describing garden variety fetishism, people associating objects with gods and attributing agency to those gods over a humanity that is reduced to being confused and powerless objects through which gods might interact. That's been around for millennia.

Commodity fetishism is specifically the phenomenon of that inverted attribution of agency being applied to economic relations. That is ceasing to recognize economic activity as being a social interaction between people as subjects affecting the material world around them; and instead seeing the products of their labour as merely specific manifestations of commodities, with humans being merely passive component in the interactions between those commodities.