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.