Australia's Commodity Prices Jump in January

In January 2026, the Reserve Bank of Australia’s Index of Commodity Prices, recorded a strong rise, continuing the upward trend from December. Preliminary estimates show the index climbed 4.6% in SDR terms on a monthly basis, following a 1.7% increase in the previous month. Non-rural, rural and base metals all rose, while the index rose 2.6% in Australian dollar terms. Over the year, the index rose 2.6% in SDR terms, as higher gold, lithium and rural commodity prices offset falls in iron ore, oil and coking coal, though it slipped 0.9% in Australian dollars. Using spot prices, the bulk commodities index jumped 5.4% in January and 5.3% annually.