Index of Commodity Prices February 2023

Preliminary estimates for February indicate that the index decreased by 1.5 per cent (on a monthly average basis) in SDR terms, after no change in January (revised). The non-rural and base metal sub-indices decreased in the month, while the rural sub-index increased. In Australian dollar terms, the index decreased by 1.3 per cent in January.

Over the past year, the index has increased by 3.6 per cent in SDR terms, led by higher thermal coal prices. The index has increased by 2.5 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 6.7 per cent in February in SDR terms, to be 7.8 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 2022).