The RBA has released its commodity price index for September, which registered no change in either SDR (currency weighted) terms – the key determinant of the terms-of-trade – or in Australian dollar terms:
Preliminary estimates for September indicate that the index was unchanged (on a monthly average basis) in SDR terms, after increasing by 0.5 per cent in August (revised). A decrease in the iron ore price was offset by increases in thermal coal and oil prices. The rural subindex decreased slightly in the month, while the base metal subindex increased. In Australian dollar terms, the index was unchanged in September.
