Index of Commodity Prices January 2024

Preliminary estimates for January indicate that the index increased by 2.3 per cent (on a monthly average basis) in SDR terms, after increasing by 3.2 per cent in December (revised). The non-rural, rural, and base metals sub-indices all increased in the past month. In Australian dollar terms, the index increased by 2.9 per cent in January.

Over the past year, the index has decreased by 10.4 per cent in SDR terms, led by lower thermal coal and liquified natural gas prices. The index has decreased by 7.1 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 1.1 per cent in January in SDR terms, to be 12.8 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 2023).

Details are in the attached table and graph.

Graph: RBA Index of Commodity Prices