Financial News: Australia Commodity Price Index Plunges 19.2%

Australia Commodity Price Index Plunges 19.2%

05/01/2023 - 08:16:00 (RTTNews)

(RTTNews) - The commodity price index in Australia declined further and at a faster pace in April, led by lower coking coal, iron ore, liquified natural gas, and rural commodity prices, preliminary data from the Reserve Bank of Australia showed on Monday.

The commodity price index fell 19.2 percent year-over-year in SDR terms, faster than the 6.9 percent drop in March. The expected decrease was 20.7 percent.

In Australian dollar terms, the index decreased 11.8 percent from a year ago.

On a monthly basis, the index slid 5.2 percent in April after a 2.5 percent decline in the prior month. In Australian dollar terms, it dropped 4.3 percent.

Sub-indexes for non-rural, and base metals decreased monthly in April, the bank said.

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