Commodity price index telegraphs more income pain

Monday 1 December 2014

Yesterday evening, the RBA released its commodity price index for November, which registered a 1.5% fall in Aussie dollar terms and a 1.8% decline in SDR (currency weighted) terms:

Preliminary estimates for November indicate that the index declined by 1.8 per cent (on a monthly average basis) in SDR terms, after falling by 0.3 per cent in October (revised). The largest contributors to the decline in November were the prices of iron ore and oil. The rural commodity and base metal subindices rose during the month. In Australian dollar terms, the index declined by 1.5 per cent in November.

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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.