Index of Commodity Prices December 2022

Preliminary estimates for December indicate that the index decreased by 3.2 per cent (on a monthly average basis) in SDR terms, after decreasing by 6.6 per cent in November (revised). The rural and non-rural sub-indices decreased in the month, while the base metals sub-index increased. In Australian dollar terms, the index decreased by 3.3 per cent in December.

Over the past year, the index has increased by 15.6 per cent in SDR terms, led by higher thermal coal, LNG and iron ore prices. The index has increased by 16.6 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 1.8 per cent in December in SDR terms, to be 17.5 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 2022).

Details are in the attached table and graph.

Graph: RBA Index of Commodity Prices