The RBA has released its commodity price index for November, which increased 1.2% in SDR (currency weighted) terms – the key determinant of the terms-of-trade – but fell by 1.2% in Australian dollar terms:
Preliminary estimates for November indicate that the index increased by 1.2 per cent (on a monthly average basis) in SDR terms, after increasing by 3.7 per cent in October (revised). The non-rural index increased in the month, while the rural and base metals subindices decreased. In Australian dollar terms, the index decreased by 1.2 per cent in November.
