The RBA has released its commodity price index for August, which registered a 1.5% rebound in SDR (currency weighted) terms – the key determinant of the terms-of-trade – and a 1.0% rise in Australian dollar terms:
Preliminary estimates for August indicate that the index increased by 1.5 per cent (on a monthly average basis) in SDR terms, after decreasing by 0.8 per cent in July (revised). An increase in the iron ore price more than offset declines in coking coal and beef prices. The rural subindex decreased in the month, while the base metal subindex increased slightly. In Australian dollar terms, the index increased by 1.0 per cent in August.
