Australia Commodity Prices Fall the Least Since 2023

The Reserve Bank of Australia’s Index of Commodity Prices fell by 0.1% year-on-year in September 2025, easing significantly from an upwardly revised 5% drop in the previous month. Although this marked the 31st consecutive month of declining commodity prices, it was the softest decrease since the downtrend began in March 2023, as lower costs for thermal coal, coking coal, and liquefied natural gas were largely offset by increases in the prices of gold, iron ore, and rural commodities. In Australian dollar terms, the index dropped by 4.3% in September, following a downwardly revised 0.8% fall in the prior month. On a monthly basis, commodity prices rose by 1.9%, accelerating from a downwardly revised 1.2% gain in August. All major sub-indices—rural, non-rural, and base metals—posted increases during the month.