FX.co ★ Australia Commodity Prices Rise the Most Since 2023

The Reserve Bank of Australia’s Index of Commodity Prices rose 12.8% year-on-year in March 2026, accelerating from an upwardly revised 4.9% increase in February and marking the fastest annual growth since January 2023. The rise was largely driven by higher prices for gold, lithium, coking coal and rural commodities, more than offsetting declines in iron ore and alumina. On a monthly basis, the index climbed 2.6% after an upwardly revised 1.6% gain in February, extending its run of increases to eight consecutive months. The advance was broad-based, with rural commodities, non-rural commodities and base metals all posting gains. In Australian dollar terms, the index also increased by 2.1% year-on-year in March.