Index of Commodity Prices July 2024

Preliminary estimates for July indicate that the index decreased by 0.1 per cent (on a monthly average basis) in SDR terms, after decreasing by 2.1 per cent in June (revised). The rural subindex increased in the month, while non-rural and base metals subindices decreased. In Australian dollar terms, the index decreased by 0.2 per cent in July.

Over the past year, the index has decreased by 3.0 per cent in SDR terms, led by lower iron ore and lithium prices. The index has decreased by 3.6 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 index, the index was unchanged in July in SDR terms, to be 1.5 per cent lower 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 2024).

Details are in the attached table and graph.