Updating the rba index of commodity prices Menomonee falls sex chat
Photo: Ian Waldie/Getty Images Prices for Australia's key commodity exports continued to tumble in January.
This article outlines the results of a recent review by RBA staff of the Bank's monthly Index of Commodity Prices (ICP).
The ICP provides a timely indicator of the prices received by Australian commodity exporters.
With exports now equivalent to almost 25 per cent of GDP, developments in export prices can have a significant influence on economic activity (Graph 1).
However the level of the index has increased substantially since the end of the 1990s, rising from a low of 88.1 in May 1999 to a high of 128.2 in September 2001(on a base of 1994-95 = 100.0). The Reserve Bank of Australia (RBA) developed the commodity price index to provide an early indication of trends in Australia’s export prices.
To make the index easier to understand and more relevant the RBA made the following changes to the index in 1998: There are 17 commodities included in the index representing approximately 75% of Australia's commodity exports.
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Much of this fall has been due to falls in the prices of coking coal and iron ore.