Russian-Ukraine war catapults commodity prices into stratosphere

The Russian-Ukraine war has catapulted the Reserve Bank of Australia’s (RBA) index of commodity prices to its highest ever level.

As shown in the next chart, the commodity price index soared 3.4% in April in SDR (currency-weighted) terms to be up 19.4% over the quarter and by 39.9% year-on-year:

RBA commodity price index

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