Weights for the Index of Commodity Prices

New weights for the RBA Index of Commodity Prices apply with the release of the index for March on 1 April 2022. The index has been reweighted according to an average of export values in 2018/19 and 2020/21 (previously 2018/19 and 2019/20). The index has been rebased so that the 2020/21 average is 100 (previously 2019/20).

Changes to individual commodity weights were generally less than ½ percentage point, with the exception of the weight on liquefied natural gas (LNG; which declined by 2.8 percentage points), the weight on gold (which increased by 1.4 percentage points), the weight on iron ore (which increased by 7.7 percentage points), the weight on metallurgical coal (which declined by 3 percentage points), and the weight on thermal coal (which declined by 1.7 percentage points).

For further details regarding the methodology used for constructing the index, please refer to ‘Changes to the RBA Index of Commodity Prices: 2013’ in the March 2013 issue of the Bulletin.[1] The list of data sources used in constructing the Index of Commodity Prices has been updated. Please refer to Sources of the Price Measures Used in the ICP for further information.

Details are in the attached table and graph.

Weights for the Index of Commodity Prices
Per cent
Weight(a)
From 1 April 2022 1 April 2021 - 31 March 2022
Rural commodities 8.7 9.3
Wool 0.8 1.1
Beef and veal 3.7 3.6
Wheat 1.3 1.3
Barley 0.4 0.4
Canola 0.4 0.4
Sugar 0.6 0.5
Cotton 0.3 0.6
Lamb and mutton 1.4 1.4
Base metals 3.6 4.0
Aluminium 1.3 1.4
Lead 0.3 0.3
Copper 1.2 1.3
Zinc 0.5 0.5
Nickel 0.3 0.5
Bulk commodities 56.3 53.3
Iron ore 39.2 31.5
Metallurgical coal 10.7 13.7
Thermal coal 6.4 8.1
Other resources 31.5 33.4
LNG 14.3 17.0
Crude oil 2.7 3.0
Alumina 3.0 3.5
Gold 9.0 7.6
Copper ore 2.5 2.2
Total 100.0 100.0
(a) Commodity weights may not sum to subindex weights due to rounding

Sources: ABARES; ABS; RBA

Graph: RBA Index of Commodity Prices

Footnote

Note that in ‘Changes to the RBA Index of Commodity Prices: 2013’ the ICP is weighted according to an average of export values in 2010/11 and 2011/12 and indexed so that the 2011/12 average is 100. [1]