Preliminary estimates for August indicate that the index increased by 2.5 per cent (on a monthly average basis) in SDR terms, after decreasing by 7.7 per cent in July (revised). The rural sub-index decreased in the month, while the non-rural and base metals sub-indices increased. In Australian dollar terms, the index increased by 0.8 per cent in August.

Over the past year, the index has increased by 21.7 per cent in SDR terms, led by higher LNG, coking coal and thermal coal prices. The index has increased by 18.1 per cent in Australian dollar terms.

Consistent with previous releases, preliminary estimates for iron ore, coking coal, thermal coal and LNG export prices are being used for the most recent months, based on market information. Using spot prices for the bulk commodities, the index increased by 0.5 per cent in August in SDR terms, to be 19.9 per cent higher over the past year.

Graph: RBA Index of Commodity Prices