Australia Commodity Prices Rise for Second Month

The Reserve Bank of Australia’s Index of Commodity Prices rose 3.4% year-on-year in February 2026, following an upwardly revised 2.7% gain in the previous month. The increase was driven mainly by higher prices for coking coal, gold, and rural commodities, which more than offset declines in iron ore. On a monthly basis, the index rose 0.7%, easing from an upwardly revised 5% increase in January and marking the seventh consecutive month of growth. Gains were broad-based, with both rural and non-rural commodities recording increases, while base metals edged slightly lower. In Australian dollar terms, the index also rose 2.7% year-on-year in February.

The Reserve Bank of Australia’s Index of Commodity Prices rose by 2.6% year-on-year in January 2026, rebounding from a downwardly revised 3.2% fall in December. The recovery was driven mainly by higher prices for gold, lithium, and rural commodities, which more than offset declines in iron ore, oil, and coking coal prices. On a monthly basis, the index increased by 4.6%, accelerating sharply from an upwardly revised 1.7% rise in the previous month and marking a sixth consecutive month of growth. Gains were broad-based, with rural commodities, non-rural commodities, and base metals all recording increases. In Australian dollar terms, the index also rose by 2.6% year-on-year in January.

The Reserve Bank of Australia’s Index of Commodity Prices dropped 3.8% year-on-year in December 2025, slipping further from an upwardly revised 1.8% fall in the previous month. This marked the third consecutive month of annual price decreases and the sharpest in the sequence, as lower costs for thermal coal, alumina, and liquified natural gas prices outweighed increases in gold and rural commodity prices. On a monthly basis, the index rose by 0.7%, marking the fifth straight month of growth, following a 1.4% gain in November, with rural, non-rural, and base metals all posting increases. In Australian-dollar terms, the index declined by 0.5% year-on-year in December.