Commodity price index continues to rebound

Thursday 1 September 2016

The RBA has released its commodity price index for August, which registered a 1.5% rise in SDR (currency weighted) terms – the key determinant of the terms-of-trade – and a 0.8% rise in Australian dollar terms:

Preliminary estimates for August indicate that the index increased by 1.5 per cent (on a monthly average basis) in SDR terms, after increasing by 3.9 per cent in July (revised). The increase was led by the prices of the bulk commodities. Both the base metals and rural subindices declined in the month. In Australian dollar terms, the index rose by 0.8 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.