The Reserve Bank of Australia’s Index of Commodity Prices rose 3.4% year-on-year in February 2026, following an upwardly revised 2.7% gain in the previous month. The increase was driven mainly by higher prices for coking coal, gold, and rural commodities, which more than offset declines in iron ore. On a monthly basis, the index rose 0.7%, easing from an upwardly revised 5% increase in January and marking the seventh consecutive month of growth. Gains were broad-based, with both rural and non-rural commodities recording increases, while base metals edged slightly lower. In Australian dollar terms, the index also rose 2.7% year-on-year in February.
