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Aussie Commodities drop the most in 7 years
The Reserve Bank of Australia has reported a sharp fall in the index of commodity prices in Australia, which dropped by 19.2% in SDR terms in April 2023. This decline represents the largest drop since February 2016, primarily driven by lower coking coal, iron ore, liquified natural gas and rural commodity prices. On a monthly basis, the index dropped by 5.2% in SDR terms after decreasing by 2.5% in March. The rural sub-index saw a modest increase in the month, while the non-rural and base metal sub-indices experienced a decline. When measured in Australian dollar terms, the index was down by 11.8% year-on-year and ... (full story)