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.