RBA Index of Commodity Prices

Data Commodities

Source: Reserve Bank of Australia
Source Link: https://www.rba.gov.au/
Frequency: Monthly
Next Release(s): December 1st, 2025 12:30 AM

Latest Updates

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The RBA Index of Commodity Prices rose 1.9% MoM in SDR terms in September 2025 (after +1.2% in August), leaving the annual rate flat YoY, as declines in coal and LNG offset gains in gold, iron ore, and rural commodities.
- In AUD terms, the index increased 0.7% MoM and is up 4.3% YoY, reflecting currency effects.
- The rural, non-rural, and base metals subindices all rose in September, contributing to the monthly gain.
- Using spot prices for bulk commodities, the index rose 1.6% MoM in SDR terms and is up 2.9% YoY.
- Lower thermal coal, coking coal, and LNG prices continue to weigh on the annual SDR measure, offset by stronger gold, iron ore, and rural prices.
- The YoY flat reading in SDR terms contrasts with earlier periods of stronger gains, underscoring the balancing effect of divergent commodity trends.
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The RBA Index of Commodity Prices rose 1.4% MoM in August 2025 in SDR terms (after +0.7% in July), though it remains down -4.3% YoY, reflecting lower coal prices.
- In AUD terms, the index increased 1.9% MoM in August and is up 0.1% YoY.
- Rural and non-rural subindices rose in August, while the base metals subindex declined.
- Bulk commodity spot prices lifted the index 1.4% MoM in SDR terms but remain -1.7% YoY.
- Thermal and coking coal prices continue to weigh on the annual measure, driving the overall YoY decline.
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The RBA Index of Commodity Prices rose 1.3% MoM in July in SDR terms, following a -0.8% MoM decline in June, with gains across rural, non-rural, and base metals subindices.
- In AUD terms, the index increased 1.0% MoM in July.
- The index is down -9.0% YoY in SDR terms, driven by lower prices for iron ore, thermal coal, and coking coal.
- In AUD terms, the index is down -3.9% YoY.
- Based on spot prices for bulk commodities, the index rose 2.2% MoM in July but is still down -7.0% YoY.
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The RBA Index of Commodity Prices fell -0.8% MoM in June in SDR terms, reversing May’s 0.4% MoM increase, with declines in non-rural commodities outweighing gains in rural and base metals.
- In AUD terms, the index also fell -0.8% MoM in June.
- The index is down -8.7% YoY in SDR terms, driven by lower iron ore and coking coal prices.
- In AUD terms, the index declined -3.5% YoY.
- Using spot prices for bulk commodities, the index dropped -2.2% MoM in June and is down -7.9% YoY.
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The RBA Index of Commodity Prices rose 0.4% MoM in May in SDR terms after falling -1.8% MoM in April.
- Using spot prices for bulk commodities, the index rose 0.8% MoM in May but is down -8.9% YoY.
- All subindices—rural, non-rural, and base metals—posted gains in May.
- In Australian dollar terms, the index fell -1.5% MoM.
- On a YoY basis, the index is down -7.7% in SDR terms, driven by lower iron ore and coking coal prices.
- The decline was more modest in AUD terms, down -2.9% YoY.
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The RBA Index of Commodity Prices fell -1.2% MoM in April in terms after a -3.6% MoM drop in March.
- In Australian dollar terms, the index rose +0.4% MoM in April.
- Over the past year, the index is down -6.1% YoY in SDR terms, mainly due to lower iron ore and coking coal prices.
- The rural sub-index increased in April, while non-rural and base metals subindices declined.
- Using spot prices for bulk commodities, the index fell -0.8% MoM and -6.1% YoY in SDR terms.
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The RBA Index of Commodity Prices fell -3.2% MoM in March after a 0.4% MoM increase in February.
- The base metals sub-index increased in the month, while the rural and non-rural subindices both decreased.
- In Australian dollar terms, the index decreased by -1.7% MoM in March.
- Over the past year, the index has decreased by -6.5% YoY in SDR terms, led by lower iron ore and coking coal prices. The index has decreased by -2.8% YoY in Australian dollar terms.
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The RBA’s Index of Commodity Prices increased 0.6% MoM, reversing the -0.6% MoM decline in January. Over the last year, the index has fallen by -8.2% YoY.

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The RBA’s Index of Commodity Prices increased 0.1% MoM in January after a 0.5% MoM increase in December. Over the past year, the index has decreased by -11.9% YoY in SDR terms, led by lower iron ore and coking coal prices, down from a -10.7% YoY decline in December.

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The RBA Index of Commodity Prices increased 0.6% MoM in December after a 1.3% MoM increase in November. Despite the consecutive increases, the index is still down -10.7% YoY. The rural and non-rural subindices increased in the month, while the base metals subindex declined.

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