THE Reserve Bank of Australia has released preliminary estimates for the index of commodity prices in October, with declines in the prices of coking coal, thermal coal, oil and base metals.

The index fell 3.5 per cent on a monthly average basis, in special drawing rights (SDR) terms. This follows a revised fall of 2.2 per cent in September.

In a reverse trend, the price of iron ore increased.

“Over the past year, the index has fallen by 16 per cent in SDR terms. Much of this fall has been due to declines in the prices of iron ore and coking coal,” the Reserve Bank statement said.

“The index has fallen by 19.1 per cent in Australian dollar terms over the past year.”

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