The RBA has released its commodity price index for February, which increased 4.8% in SDR (currency weighted) terms – the key determinant of the terms-of-trade – and rose by 4.6% in Australian dollar terms:
Preliminary estimates for February indicate that the index increased by 4.8 per cent (on a monthly average basis) in SDR terms, after increasing by 2.8 per cent in January (revised). The non-rural and base metals subindices increased in the month, while the rural subindex was unchanged. In Australian dollar terms, the index increased by 4.6 per cent in February.
