The RBA has released its commodity price index for January, which registered another 2.9% decline in SDR (currency weighted) terms – the key determinant of the terms-of-trade – and no change in Australian dollar terms:
Preliminary estimates for January indicate that the index declined by 2.9 per cent (on a monthly average basis) in SDR terms, after declining by 3.9 per cent in December (revised). The decline was led by the prices of oil and the bulk commodities. The base metals and rural subindices declined slightly in the month. In Australian dollar terms, the index was little changed in January.
