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RESERVE BANK OF AUSTRALIA

Index of Commodity Prices

July 2014

Release date: 1 August 2014

Preliminary estimates for July indicate that the index declined by 0.9 per cent (on a monthly average basis) in SDR terms, after declining by 2.2 per cent in June (revised). The largest contributors to the decline in July were falls in the prices of iron ore, oil and wheat. The base metals subindex rose in the month while the rural commodities subindex declined. In Australian dollar terms, the index declined by 1.1 per cent in July.

Over the past year, the index has declined by 12.1 per cent in SDR terms, largely driven by declines in the prices of bulk commodities. The index has declined by 11.9 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 the most recent months, based on market information. Using spot prices for these commodities, the index rose by 0.5 per cent in July in SDR terms, to be around 14 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’ (March 2014).

Details are in the attached table and graph.

Graph: RBA Index of Commodity Prices
Click to view larger

Commodity Prices - I2 [XLS]