Index of Commodity Prices November 2018

Preliminary estimates for November indicate that the index increased by 1.2 per cent (on a monthly average basis) in SDR terms, after increasing by 3.7 per cent in October (revised). The non-rural index increased in the month, while the rural and base metals subindices decreased. In Australian dollar terms, the index decreased by 1.2 per cent in November.

Over the past year, the index has increased by 14.9 per cent in SDR terms, led by higher iron ore, LNG and coking coal prices. The index has increased by 18.9 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 0.6 per cent in November in SDR terms, to be 14.6 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 2018).