Chart: The RBA's commodity price index got smashed in July

In line with movements in global commodity prices, the RBA’s commodity price index fell heavily in July, falling 5.03% in SDR terms.

SDR, or special drawing rights, is a basket of currencies consisting of the US dollar, Japanese yen, euro and Pound sterling.

The decline was the largest in percentage terms since June 2013, and left the index down 48.9% from the record peak of 138.2 struck in July 2011.

Over the past year it has fallen 20.2%.

Bulk commodity prices, iron ore in particular, suffered the largest losses. They declined 7.1% over the month, the steepest drop since March last year.

The weighting of the RBA commodity price index can be found below.

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