Australia Commodity Prices Rise 16.8% in May

The Reserve Bank of Australia’s Index of Commodity Prices jumped 16.8% year-on-year in May 2026, following a downwardly revised 15.1% rise in the previous month and remaining at its highest level since December 2022. The increase was driven primarily by strong price growth in lithium, coking coal, and rural commodities, which more than offset declines in iron ore and gold prices. On a monthly basis, the index increased 1.3%, rebounding from an upwardly revised 0.3% drop in the prior period, supported by higher prices across both rural and non-rural commodities, as well as gains in base metals.

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.