Index of Commodity Prices May 2023

Preliminary estimates for May indicate that the index decreased by 6.9 per cent (on a monthly average basis) in SDR terms, after decreasing by 5.1 per cent in April (revised). All sub-indices decreased. In Australian dollar terms, the index decreased by 6.8 per cent in May.

Over the past year, the index has decreased by 22.2 per cent in SDR terms, led by lower coking coal, thermal coal, iron ore and liquified natural gas prices. The index has decreased by 17.5 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 index, the index decreased by 8.8 per cent in May in SDR terms, to be 30.5 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 2023).