The prices of Australia's key commodity exports are rising

Photo by Stuart Hannagan/Getty Images

For the first time in three years the Reserve Bank of Australia’s (RBA) commodity price index has recorded back-to-back monthly gains.

In a report released late this afternoon, the bank stated that the index increased by 5.3% in SDR (special drawing rights) terms in March following a 2.1% increase in February.

It was the first time since February 2013 that the index increased for two consecutive months.

According to the RBA, the increase was led by the prices of iron ore, oil and gold.

In Australian dollar terms the index rose by just 0.3%, courtesy of the strong lift in the currency in March.

Despite the hefty monthly increase, from a year earlier the index still fell 15.4% in SDR terms, or 12.1% if priced in Australian dollars.

The chart below, supplied by the RBA, tells the long-term story.

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