RBA Index of Commodity Prices

Data Commodities

Source: Reserve Bank of Australia
Source Link: https://www.rba.gov.au/
Frequency: Monthly
Next Release(s): February 2nd, 2026 12:30 AM

Latest Updates

Preliminary estimates for December indicate that the index increased by 0.7 per cent (on a monthly average basis) in SDR terms, after increasing by 1.4 per cent in November. The non-rural, and base metals subindices increased in the month, while the rural sub-index decreased. In Australian dollar terms, the index decreased by 0.5 per cent in December.

Over the past year, the index has decreased by 3.8 per cent in SDR terms. Increases in gold and rural commodity prices have been more than offset by lower thermal coal, alumina, and liquified natural gas prices. The index has decreased by 4.1 per cent in Australian dollar terms.

Consistent with previous releases, preliminary estimates for iron ore, coking coal, thermal coal and LNG export prices are being used for the most recent months, based on market information. Using spot prices for the bulk commodities index, the index increased by 0.8 per cent in December in SDR terms, but remains 2.8 per cent lower over the past year.

Source
Preliminary estimates for November indicate that the index increased by 1.4% (on a monthly average basis) in SDR terms, after increasing by 2.2% in October. The rural, non-rural, and base metals subindices increased in the month. In Australian dollar terms, the index increased by 1.5% in November.

Over the past year, the index has decreased by 1.7% in SDR terms. Increases in gold and rural commodity prices have been more than offset by lower thermal coal, alumina, and liquified natural gas prices. The index has increased by 1.7% in Australian dollar terms.

Consistent with previous releases, preliminary estimates for iron ore, coking coal, thermal coal and LNG export prices are being used for the most recent months, based on market information. Using spot prices for the bulk commodities index, the index increased by 1.4% in November in SDR terms, to be 1.6% lower over the past year.

Source
Source
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.
Source
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.
Source
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.
Source
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.
Source
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.
Source
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.
Source
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.
Source
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.

Source
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.

Source