Australian Commodity Prices Highest Since 2022

The Reserve Bank of Australia’s Index of Commodity Prices rose by 15.7% year-on-year in April 2026, accelerating from a downwardly revised 12.7% increase in the previous month. This marked the highest reading since December 2022, as stronger price growth in rural commodities and base metals more than offset declines in liquefied natural gas and alumina. In Australian dollar terms, the index increased by 4.6%. On a monthly basis, commodity prices fell by 0.5%, reversing a 3.5% gain in March, mainly due to lower prices in both rural and non-rural subindices. In contrast, the base metals subindex continued to rise.

The Reserve Bank of Australia’s Index of Commodity Prices advanced 12.8% year-on-year in March 2026, from an upwardly revised 4.9% gain in the previous month, marking the largest price growth since January 2023. The increase was mainly driven by higher prices of gold, lithium, coking coal, and rural commodities, which more than offset the declines in iron ore and alumina. On a monthly basis, the index rose 2.6%, following an upwardly revised 1.6% rise in February, and marking the eighth consecutive month of growth. Gains were broad-based, with both rural commodities, non-rural commodities, and base metals all recording increases. In Australian dollar terms, the index also grew by 2.1% year-on-year in March.

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.