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.