Index of Commodity Prices November 2021

Preliminary estimates for November indicate that the index decreased by 1.1 per cent (on a monthly average basis) in SDR terms, after increasing by 6.4 per cent in October (revised). The rural sub-index increased in the month, while the non-rural and base metals sub-indices decreased in the month. In Australian dollar terms, the index decreased by 0.6 per cent in November.

Over the past year, the index has increased by 36.2 per cent in SDR terms, led by higher LNG, coking coal and thermal coal prices. The index has increased by 33.7 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, the index decreased by 9.9 per cent in November in SDR terms, to be 35.3 per cent higher 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 2021).