For August
Provided by: Reserve Bank of Australia

Commodity Index m/m: 1.0%, pr. 3.6% (Jul), pr. 7.9% (Jun), pr. 6.1% (May),
9.4% (Apr)

On the year the commodity price index rose to show a 45.2% increase. Metals like iron ore, and fuels like coal and crude oil have seen prices sky rocket in the last year, but that run-up took a major step back in August as commodity prices eased. Strong exports helped to shrink Australia's 2nd quarter current account and boost company's operating profits.

Still, the Aussie was pressured as the RBA Governor Glenn Stevens is primed to reduce rates by a quarter point tomorrow in order to help the rest of the economy, which unlike the export industry, is suffering from high interest rates and high inflation, and a crimp in the housing market. The Aussie has been fallin since the last RBA meeting, when they signalled an interest rate cut was on the way and that continued in today's session.

From the Release: "Preliminary estimates for August indicate that the Index rose by 1.0 per cent (on a monthly average basis) in SDR terms, following an increase of 3.6 per cent (revised) in July.

The largest contributors to the rise in August were increases in the prices of coking coal and thermal coal (reflecting the inclusion of preliminary estimates), and wheat. The prices of gold, aluminium, copper and wool fell. In Australian dollar terms, the Index rose by 7.0 per cent in August following an increase of 3.3 per cent (revised) in July."

For July
Provided by: Reserve Bank of Australia

Commodity Index m/m: 3.6%, pr. 7.9% (Jun), pr. 6.1% (May), 9.4% (Apr)

For June
Provided by: Reserve Bank of Australia

Commodity Index m/m: 7.9%, pr. 6.1% (May), 9.4% (Apr)

From the Release: "Preliminary estimates for June indicate that the Index rose by 7.9 per cent (on a monthly average basis) in SDR terms, following an increase of 7.0 per cent (revised) in May. The largest contributors to the rise in June were increases in the prices of coking coal, iron ore, thermal coal and wheat (see below). The prices of nickel, lead and zinc fell. In Australian dollar terms, the Index rose by 7.2 per cent in June following an increase of 4.0 per cent (revised) in May.

As indicated in previous months’ releases, the export price data available do not yet fully reflect the strong increases in prices that have occurred for coking coal, iron ore and thermal coal. As a result, preliminary estimates have been incorporated into the Index for April, May and June for these commodities. In previous years, contract price changes have passed through to export prices over several months, and this is also expected to occur this year. The preliminary estimates included for April, May and June incorporate around three-quarters of the anticipated total increase in prices for these commodities. The preliminary estimates will be subject to review as more data become available."

For May
Provided by: Reserve Bank of Australia

Commodity Index m/m: 6.1%, pr. 9.4% (rev from 10.2%)

The commodity price index rose 6.1% in May, as large increases in coal and iron ore were accounted for early. Coal and iron ore are Australia's two biggest export earners and will help to improve the Australian trade balance.  

For April
Provided by: Reserve Bank of Australia

Commodity Index m/m: 10.2%

From the Release: "Preliminary estimates for April indicate that the Index rose by 10.2 per cent (on a monthly average basis) in SDR terms, following a decrease of 0.1 per cent (revised) in March. The largest contributors to the rise in April were increases in the prices of coking coal, iron ore and thermal coal (see below). The prices of wheat, gold, nickel and zinc fell. In Australian dollar terms, the Index rose by 10.0 per cent in April following an increase of 1.5 per cent (revised) in March."