Index of Commodity Prices March 2012

Preliminary estimates for March indicate that the index rose by 0.6 per cent (on a monthly average basis) in SDR terms, after rising by 1.2 per cent in February (revised). The largest contributors to the rise in March were increases in the prices of iron ore and oil. In Australian dollar terms, the index rose by 1.9 per cent in March.

Over the past year, the index has risen by 2.7 per cent in SDR terms. Much of this rise has been due to increases in the prices of coal, gold and oil. The index has fallen by 4 per cent in Australian dollar terms over the past year.

As indicated in previous releases, preliminary estimates for iron ore, coking coal and thermal coal export prices are being used for recent months, based on market information.

For further details regarding the construction of the index, please refer to ‘Updating the RBA's Index of Commodity Prices’ in the October 2009 issue of the Bulletin.