FX.co ★ Australian Commodity Prices Highest Since 2022

The Reserve Bank of Australia’s Index of Commodity Prices rose 15.7% year-on-year in April 2026, up from a downwardly revised 12.7% increase in March. This was the strongest annual gain since December 2022, driven by faster price growth in rural commodities and base metals, which more than offset declines in liquefied natural gas and alumina. In Australian dollar terms, the index was up 4.6%. On a monthly basis, the index fell 0.5% in April, reversing a 3.5% rise in March, largely reflecting lower prices across both rural and non-rural subindices. By contrast, the base metals subindex continued to climb.