The Reserve Bank of Australia (RBA) reported that its Index of Commodity Prices was up by 50.1 per cent from a year ago.
The index was steady in March having increased by a revised 3.7 per cent in February.
In Aussie dollar terms the index rose by 0.5 per cent in March.
In fact, the dollar has not really much believed in this commodity price rally from start to finish, to the extent that the increase in Aussie dollar terms was up by 45 per cent year-on-year in January 2017.
As the chart show we haven't seen many annual increases like it in modern history.
The index will struggle to rise much further from here with iron ore port stocks back to record highs and natural gas spot prices well down from their December levels.
Unless there is a major supply disruption to coal, the index is on balance likely to be heading lower before the year is out.