The Reserve Bank of Australia’s Index of Commodity Prices rose 12.5% year-on-year in October 2026, easing from an upwardly revised 15.9% increase in the previous month and marking its slowest growth since March. Gains were broadly based across most commodities, with iron ore and alumina the exceptions. In Australian dollar terms, the index increased 4.6% from a year earlier, down from 6.9% in September. On a monthly basis, commodity prices fell 1.3% in SDR terms in October, reversing a 0.9% increase in September. The decline was broad-based, with the rural, non-rural and base metals subindices all recording decreases. In Australian dollar terms, the index fell 0.3% month-on-month, reversing a 0.5% increase in the previous month.