Australia Commodity Prices Rise 15.4% in July

The Reserve Bank of Australia’s Index of Commodity Prices increased 15.4% year-on-year in July 2026, following a downwardly revised 14.6% rise in the previous month. The annual increase was broadly supported by higher prices across rural commodities, bulk commodities, and base metals. On a monthly basis, the index rose 0.6% in July, rebounding from a 2.2% decline in the previous month, as gains in non-rural and rural commodity prices more than offset a decline in base metals.

The Reserve Bank of Australia’s Index of Commodity Prices rose 16.9% year-on-year in June 2026, following an upwardly revised 18.4% jump in the previous month. The increase was driven largely by strong price growth in gold, coking oil, and rural commodities, which more than offset declines in liquefied gas (LNG) and alumina prices. On a monthly basis, the index dropped 2.2%, following a downwardly revised 1.1% growth in the prior period, weighed down by lower costs across non-rural and base metals, while rural commodities recorded increases.

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.