The RBA has released its commodity price index for May, which rose by 0.3% in SDR (currency weighted) terms – the key determinant of the terms-of-trade – as well as by 0.6% in Australian dollar terms:
Preliminary estimates for May indicate that the index increased by 0.3 per cent (on a monthly average basis) in SDR terms, after decreasing by 4.0 per cent in April (revised). The rural and base metals subindices increased in the month, while the non rural index was unchanged. In Australian dollar terms, the index increased by 0.6 per cent in May.
