RBA commodity price index continues rebound

Thursday 1 February 2018

The RBA has released its commodity price index for January, which surged 7.1% in SDR (currency weighted) terms – the key determinant of the terms-of-trade – as well as by 4.6% in Australian dollar terms:

Preliminary estimates for January indicate that the index increased by 7.1 per cent (on a monthly average basis) in SDR terms, after increasing by 4.5 per cent in December (revised). Coking coal and iron ore prices led the increase. The rural and base metals subindices increased in the month. In Australian dollar terms, the index increased by 4.6 per cent in January.

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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.