Index of Commodity Prices February 2017

Preliminary estimates for February indicate that the index increased by 1.7 per cent (on a monthly average basis) in SDR terms, after increasing by 4.2 per cent in January (revised). An increase in the price of iron ore was partially offset by a lower coking coal price. Both the rural and base metals subindices increased in the month. In Australian dollar terms, the index declined by 0.9 per cent in February.

Over the past year, the index has increased by 56.0 per cent in SDR terms, led by higher coking coal and iron ore prices. The index has increased by 41.0 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, the index rose by 0.6 per cent in February in SDR terms, to be 55.5 per cent higher over the past year.

For further details regarding the construction of the index, please refer to ‘Changes to the RBA Index of Commodity Prices: 2013’ in the March 2013 issue of the Bulletin and ‘Weights for the Index of Commodity Prices’ (April 2016).

Details are in the attached table and graph.

Graph: RBA Index of Commodity Prices