Index of Commodity Prices April 2024

Preliminary estimates for April indicate that the index decreased by 1.5 per cent (on a monthly average basis) in SDR terms, after decreasing by 4.7 per cent in March (revised). The non-rural subindex decreased in the month, while the rural and base metals subindices increased. In Australian dollar terms, the index decreased by 1.6 per cent in April.

Over the past year, the index has decreased by 11.6 per cent in SDR terms, led by lower thermal coal, iron ore, coking coal, liquified natural gas and lithium prices. The index has decreased by 11.1 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 0.4 per cent in April in SDR terms, to be 10.2 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 2024).

Details are in the attached table and graph.

Graph: RBA Index of Commodity Prices