Iron ore boom launches commodity price index into orbit
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Yesterday evening, the Reserve Bank of Australia (RBA) released its commodity price index for June, which surged another 5.6% over the month in SDR terms (the closest correlation to the terms-of-trade) to be up a whopping 14.9% over the quarter:
Commodity price mega-boom!
The RBA’s commodity price index is now tracking at its second highest level in history just 3.7% below the all-time high recorded in June 2011.
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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.