The Reserve Bank of Australia's index of commodity prices grew by 17.6% in the month of April. This was reported the biggest monthly growth in the history of the index of commodity prices.

RBA said today that the increase in the index of commodity prices shows the booming demand from Asia for Australia's raw materials.

On the other hand, Australian nationwide house prices increased by 20% in past 12 months, according to a separate report by the Australian Bureau of Statistics.

The preliminary estimates from Reserve Bank of Australia showed today that the index of commodity prices in special drawing rights (SDR) terms rose by 17.6% in the month of April. The index was reported up by 2.8% in the previous month.

RBA said that the increase in the index of commodity prices in the month of April was mainly attributable to the increases in the prices of iron ore and coal in SDR terms.

"The estimated price rises for iron ore and coal in April reflected partial adjustment to substantially higher contract and spot prices, with further increases in bulk commodity prices to flow through in subsequent months," said RBA in a statement today.