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Australia's Index of Commodity Prices Rises 1.3% in May

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Australia's Index of Commodity Prices rose 1.3% in May when measured in special drawing rights terms on a monthly average basis, after a 0.3% decrease in April, the Reserve Bank of Australia reported Monday.

The rural, non-rural, and base metal sub-indices all increased in the month.

In Australian dollar terms, the index inched down 0.1% in the month and rose by 6.1% over the past year, per the report.

The index climbed by 16.8% in special drawing rights terms when compared with the past year, per the report. Higher lithium, coking coal, and rural commodity prices offset falls in iron ore and gold.

Using spot prices for the bulk commodities index, the index was up 1% in special drawing rights terms in May, to be 18.1% higher over the past year.

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