SYDNEY - The Reserve Bank of Australia's (RBA) index of commodity prices hit a fresh record in September, having climbed 52 percent in the past 12 months.
The index rose 1.5 percent in September in special drawing right (SDR) terms, on top of a 3.6 percent increase the month before. The index reading of 123.3 was well above the peak of 119.5 touched in September 2008 before the global financial crisis sent commodity prices reeling.
The index has surged 30 percent since March to reflect huge price increases for iron ore and coal. That has boosted the terms of trade, lifting profits, investment, employment and tax receipts.
It was also a major reason the economy boasted its fastest growth in three years in the second quarter.
The largest contributors to the rise in September were increases in the prices of gold, wheat and sugar. The prices of base metals also increased, while the estimated price of iron ore fell slightly.
In Australian dollar terms, the index fell by 2.0 percent in September as the local currency surged. The index is up 36 percent over the past year in Australian dollar terms.
