Index of Commodity Prices January 2013

Preliminary estimates for January indicate that the index rose by 2.6 per cent (on a monthly average basis) in SDR terms, after rising by 3.4 per cent in December (revised). The largest contributor to the rise in January was the increase in the price of iron ore, while the prices of base metals and rural commodities were broadly unchanged. In Australian dollar terms, the index rose by 2 per cent in January.

Over the past year, the index has fallen by 6.4 per cent in SDR terms. Much of this fall has been due to declines in the price of coking coal. The index has fallen by 7.4 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 recent months, based on market information.

For further details regarding the construction of the index, please refer to ‘Updating the RBA's Index of Commodity Prices’ in the October 2009 issue of the Bulletin.