Index of Commodity Prices September 2024

Preliminary estimates for September indicate that the index decreased by 1.7 per cent (on a monthly average basis) in SDR terms, after decreasing by 3 per cent in August (revised). The non-rural subindex decreased in the month, while the rural and base metals subindices both increased. In Australian dollar terms, the index decreased by 2.6 per cent in September.

Over the past year, the index has decreased by 10.1 per cent in SDR terms, led by lower iron ore and coking coal prices. The index has decreased by 12.8 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 decreased by 3.4 per cent in September in SDR terms, to be 15.9 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.

The lithium data source used in constructing the Index of Commodity Prices has been changed this month due to data availability. Please refer to the updated Sources of the Price Measures Used in the ICP for further information.