The RBA has released its commodity price index for January, which rebounded 0.7% in SDR (currency weighted) terms – the key determinant of the terms-of-trade – but fell by 3.6% over the year:
Preliminary estimates for January indicate that the index increased by 0.7 per cent (on a monthly average basis) in SDR terms, after decreasing by 1.1 per cent in December (revised). The non-rural, rural and base metals subindices all increased in the month. In Australian dollar terms, the index increased by 1.0 per cent in January.
Over the past year, the index has decreased by 3.6 per cent in SDR terms, led by lower coal, LNG and alumina prices. The index has decreased by 0.9 per cent in Australian dollar terms.
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