Australia's commodity price index rose 0.6% on a monthly average basis in Special Drawing Rights (SDR) terms in July, reversing a 2.2% decline in June, according to a Tuesday report by the Reserve Bank of Australia.

The central bank said the index has increased 15.4% over the past year in SDR terms, with gains broadly based across rural commodities, bulk commodities and base metals, while the index has risen 7.5% in Australian dollar terms over the same period.