Index of Commodity Prices August 2023

Preliminary estimates for August indicate that the index decreased by 2.3 per cent (on a monthly average basis) in SDR terms, after decreasing by 2.2 per cent in July (revised). The rural, non-rural and base metals sub-indices decreased in the past month. In Australian dollar terms, the index increased by 0.7 per cent in August.

Over the past year, the index has decreased by 23.2 per cent in SDR terms, led by lower thermal coal and liquified natural gas prices. The index has decreased by 16.5 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 increased by 0.5 per cent in August in SDR terms, to be 22.2 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).