The Reserve Bank of Australia’s Index of Commodity Prices fell 1.7% year-on-year in November 2025, compared with a 1.3% decline in the previous month. This marked the second consecutive month of annual price decreases, as lower costs for thermal coal, alumina, and liquefied natural gas outweighed increases in gold and rural commodities. On a monthly basis, the index rose 1.4%, easing from a downwardly revised 2.2% gain in October, with rural, non-rural, and base metals all posting increases. In Australian-dollar terms, the index was up 1.5% year-on-year in November.
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