The RBA has released its commodity price index for April, which increased by 0.9% in SDR (currency weighted) terms – the key determinant of the terms-of-trade – but was unchanged in Australian dollar terms:
Preliminary estimates for April indicate that the index increased by 0.9 per cent (on a monthly average basis) in SDR terms, after increasing by 0.8 per cent in March (revised). The non-rural and rural subindices increased in the month, while the base metals subindex was unchanged. In Australian dollar terms, the index was unchanged in April.
