The Reserve Bank of Australia’s Index of Commodity Prices rose 12.5% year-on-year in October 2026, slowing from a revised 15.9% increase in September and marking its weakest annual growth since March. Price gains were broadly based across most major commodities, with iron ore and alumina the main exceptions. In Australian dollar terms, the index was up 4.6% from a year earlier, easing from a 6.9% rise in the previous month.
On a monthly basis, the index declined 1.3% in SDR terms in October, reversing a 0.9% increase in September. The fall was broad-based, with the rural, non-rural and base metals subindices all registering declines. In Australian dollar terms, the index slipped 0.3% month-on-month, also undoing a 0.5% increase recorded in September.
