Economic Buzz: RBA commodity price index up around 15% on year

Reserve Bank of Australia (RBA) stated today that preliminary estimates for July indicate that its index of commodity prices increased by 0.6 per cent (on a monthly average basis) in SDR terms, after decreasing by 2.2 per cent in June. The non-rural and rural subindices increased in the month, while the base metals subindex decreased. In Australian dollar terms, the index increased by 1.2 per cent in July. Over the past year, the index has increased by 15.4 per cent in SDR terms. Increases have been broadly based across the prices of rural commodities, bulk commodities and base metals. The index has increased by 7.5 per cent in Australian dollar terms. Consistent with previous releases, preliminary estimates for iron ore, coking coal, thermal coal and LNG export prices are being used for the most recent months, based on market information. Using spot prices for the bulk commodities index, the index decreased by 0.7 per cent in July in SDR terms, but remains 15.1 per cent higher over the past year.

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