Russian-Ukraine war launches commodity prices into orbit

Monday 4 April 2022

The Russian-Ukraine war has launched the Reserve Bank of Australia’s (RBA) commodity price index to its highest level on record.

As shown in the next chart, the commodity price index soared 8.4% in March in SDR (currency-weighted) terms to be up 20.1% over Q1 and by 40.9% year-on-year:

Commodity prices rocket to fresh all-time high.

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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.