Late Friday, the RBA released its commodity price index for July, which registered another 1.1% fall in Aussie dollar terms – the sixth consecutive month of decline – and 1.0% fall in SDR terms – the seventh consecutive month of falls:
Preliminary estimates for July indicate that the index declined by 0.9 per cent (on a monthly average basis) in SDR terms, after declining by 2.2 per cent in June (revised). The largest contributors to the decline in July were falls in the prices of iron ore, oil and wheat. The base metals subindex rose in the month while the rural commodities subindex declined. In Australian dollar terms, the index declined by 1.1 per cent in July.
