World prices for New Zealand's export commodities fell for the ninth straight month in February but the drop was more than compensated for by a depreciation of the dollar.
ANZ's world commodity price index eased 0.3 per cent to be 4 per cent down on a year ago and 5.1
per cent off the recent peak in May last year.
But, in New Zealand dollar terms, the index rose 1.7 per cent reflecting a drop in the currency's trade-weighted exchange rate.
Lamb prices fell 4.9 per cent, the eighth consecutive monthly fall, to hit an 18-month low. ANZ said the latest weakness reflected softer global demand and increased supply in Europe. Lamb makes up 15 per cent of the overall index.
Skins dropped 5.9 per cent to a six-year low; wool was up 2.3 per cent but is still 15 per cent below levels a year ago.
