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The RBA has released its commodity price index for April, which registered a further 2.0% bounce in SDR (currency weighted) terms – the key determinant of the terms-of-trade – which follows the 6.3% increase in March:
Preliminary estimates for April indicate that the index rose by 2.0 per cent (on a monthly average basis) in SDR terms, after increasing by 6.3 per cent in March (revised). Increases in the prices of iron ore and coking coal were partly offset by lower LNG prices. The base metals subindex was little changed, while the rural subindex rose in the month. In Australian dollar terms, the index rose by 0.6 per cent in April.
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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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