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RBA commodity price index edges up

Reported by AAP
Monday, September 3, 2012
Super-rich getting richerThe world's super-rich could actually be wealthier than anyone first thought.

Australia's export commodity prices fell to a 20-month low in August.

The Reserve Bank of Australia's (RBA) index of commodity prices in August was 3.0 per cent lower in foreign currency terms compared with July, and down by 13.8 per cent from its peak in July last year.

The August level was the lowest for the index since December 2010.

The price index is measured in terms of special drawing rights (SDRs), an average of four major currencies - US dollar, euro, Japanese yen, and British pound.

Despite the recent falls, the index is still more than three times its level before the price surge caused by booming demand for minerals.

The index in August was up by 207 per cent compared with its level at the end of 2003.

The RBA said the largest contributors to the falls from July to August and over the past year were declines in the prices of iron ore and coking coal.

In Australian dollar terms, the index fell by 4.3 per cent in August as the currency rose.

30/08/2014 00:05Sydney, Australia. 30 August,2014
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