RBA commodity index booms

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The Reserve Bank of Australia (RBA) has released its index of commodity prices for the month of February, which continues to boom.

The commodity price index rose by 3.6% in February in Special Drawing Rights (SDR) terms – the key determinant of Australia’s terms-of-trade – to be up 19.6% over the quarter and 23.9% year-on-year.

In Australian Dollar terms, the commodity price index rose by 3.1% over the month, 13.6% quarter-on-quarter, and by 12.1% year-on-year.

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.