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Yesterday evening, the RBA released its commodity price index for August, which registered a 1.6% rise in Aussie dollar terms – the first monthly increase in 2014 – and also a 1.6% rise in SDR terms – the first increase since December 2013:
Preliminary estimates for August indicate that the index rose by 1.6 per cent (on a monthly average basis) in SDR terms, after declining by 1.3 per cent in July (revised). The largest contributor to the increase in August was the price of iron ore. The base metals subindex rose in the month while the rural commodities subindex declined. In Australian dollar terms, the index increased by 1.5 per cent in August.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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