The Reserve Bank of Australia’s (RBA) index of commodity prices fell 2.0% in May in SDR (currency-weighted) terms from the prior month’s record high:

However, over the May quarter commodity prices surged 8.2% over the quarter and 30.4% year-on-year in SDR terms.

The RBA’s commodity price index in SDR terms has historically closely tracked the nation’s terms-of-trade, which hit a record high in the March quarter:

 

At this stage, the commodity price index is up 0.3% over the June quarter with one month to go.

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Unconventional Economist

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

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