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The RBA has released its commodity price index for September, which registered a 1.9% rise in SDR (currency weighted) terms – the key determinant of the terms-of-trade – and a 2.3% rise in Australian dollar terms:
Preliminary estimates for September indicate that the index increased by 1.9 per cent (on a monthly average basis) in SDR terms, after increasing by 1.9 per cent in August (revised). An increase in coking coal prices more than offset a decline in iron ore prices. Both the base metals and rural subindices declined in the month. In Australian dollar terms, the index rose by 2.3 per cent in September.
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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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