Index of Commodity Prices February 2016
Release date: 1 March 2016
Preliminary estimates for February indicate that the index rose by 1.2 per cent (on a monthly average basis) in SDR terms, after declining by 0.7 per cent in January (revised). The increase was led by the prices of iron ore and gold. The base metals and rural subindices both rose in the month. In Australian dollar terms, the index rose by 0.6 per cent in February.
Over the past year, the index has fallen by 21.6 per cent in SDR terms, led by declines in the prices of bulk commodities. The index has fallen by 15.4 per cent in Australian dollar terms over the past year.
Consistent with 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 2.9 per cent in February in SDR terms, to be 20.6 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 2015).