Commodity prices fall in September

AUSTRALIA'S export commodity prices fell in September to be 24 per cent below their July 2011 peak.

The Reserve Bank of Australia's index of commodity prices fell by 0.5 per cent in the month, in foreign currency terms.

The RBA said the largest contributor to the monthly fall was iron ore, but the prices of base metals also fell.

These falls were largely offset by increased prices for coking coal and a number of rural commodities.

Over the year to September, commodity prices were down by 3.1 per cent in foreign currency terms.

"Much of this fall has been due to declines in the prices of coking coal, gold and thermal coal, although the price of iron ore has risen," the RBA said.

Despite the falls from their 2001 recent peak, commodity prices remain elevated.

Prices in September were 177 per cent above the level recorded a decade earlier before the commodity price boom got going, a point acknowledged by the RBA earlier on Tuesday when it announced interest rats would not be changed this month.

"Commodity prices have declined from their peaks, but generally remain at high levels by historical standards," the RBA said in the interest rate announcement.

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