High dollar cuts NZ out of world commodities price hike

Wool prices rose 9.1 per cent in May. Photo / Dannevirke News

The latest ANZ Commodities prices index shows the recent strength of the New Zealand dollar means our exporters have been unable to enjoy a 6.5 per cent increase in world commodity prices during May.

It is the third month in a row world commodity prices have increased, but when converted into New Zealand dollars, prices are down 1.5 per cent.

The price of wool recorded the largest increase in May, lifting 9.1 per cent from the month before.

But this rise comes as wool prices rebound from a 23-year low in the series last month. Beef prices recorded the next largest increase, lifting 6.1 per cent in the month.


NZ Herald Staff