Index of Commodity Prices July 2019

Preliminary estimates for July indicate that the index increased by 3.1 per cent (on a monthly average basis) in SDR terms, after increasing by 2.9 per cent in June (revised). The non-rural subindex increased in the month, while the rural subindex decreased and the base metals subindex was little changed. In Australian dollar terms, the index increased by 2.2 per cent in July.

Over the past year, the index has increased by 16.1 per cent in SDR terms, led by higher iron ore, gold and copper ore prices. The index has increased by 21.0 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 increased by 3.4 per cent in July in SDR terms, to be 18.6 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 2019).

Details are in the attached table and graph.

Graph: RBA Index of Commodity Prices