Index of Commodity Prices September 2017

Preliminary estimates for September indicate that the index was unchanged (on a monthly average basis) in SDR terms, after increasing by 0.5 per cent in August (revised). A decrease in the iron ore price was offset by increases in thermal coal and oil prices. The rural subindex decreased slightly in the month, while the base metal subindex increased. In Australian dollar terms, the index was unchanged in September.

Over the past year, the index has increased by 18.3 per cent in SDR terms, led by higher coal and iron ore prices. The index has increased by 14.4 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 decreased by 1.9 per cent in September in SDR terms and remains 13.2 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 2017).

Details are in the attached table and graph.

Graph: RBA Index of Commodity Prices