RBA commodity price index falls again in July

Tuesday 1 August 2017

The RBA has released its commodity price index for July, which registered another 1.0% decline in SDR (currency weighted) terms – the key determinant of the terms-of-trade – and a 3.3% fall in Australian dollar terms:

Preliminary estimates for July indicate that the index decreased by 1.0 per cent (on a monthly average basis) in SDR terms, after decreasing by 7.1 per cent in June (revised). The decrease was led by declines in coking coal and LNG prices. Both the rural and base metal subindices increased in the month. In Australian dollar terms, the index decreased by 3.3 per cent in July.

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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.