Index of Commodity Prices June 2023

Preliminary estimates for June indicate that the index increased by 0.2 per cent (on a monthly average basis) in SDR terms, after decreasing by 6.0 per cent in May (revised). The non-rural sub-index increased in the month, while the rural and base metals sub-indices decreased. In Australian dollar terms, the index decreased by 1.3 per cent in June.

Over the past year, the index has decreased by 21.5 per cent in SDR terms, led by lower thermal coal, coking coal, liquified natural gas and iron ore prices. The index has decreased by 18.1 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 increased by 0.5 per cent in June in SDR terms, to be 25.9 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).