A rising New Zealand dollar wiped out further gains in export commodity prices last month.
The ANZ commodity price index fell 3.9 per cent in New Zealand dollar terms, remaining at high historical levels but below September's record.
That reflected a 4 per cent rise in the New
Zealand dollar against a basket of currencies.
The world commodity price index rose 1.8 per cent, with eight commodities rising in price, one unchanged, and four easing, ANZ senior economist Khoon Goh said.
The world price of skins and pelts jumped 14 per cent, while lamb meat and wool prices rose around 4 per cent. Dairy and aluminium prices rose between 2 and 3 per cent, and rising less than 1 per cent were venison, kiwifruit and seafood.
Wood pulp prices were steady, sawn timber prices fell 5 per cent, and apple and beef prices fell 2 and 3 per cent respectively.
Dairy prices were up 117 per cent over the past 12 months, skins and pelts were up 57 per cent for the year, and sawn timber prices were up 28 per cent for the year. Lamb prices were up 3 per cent and wool prices rose 7 per cent, while apple prices were down 20 per cent on a year ago.
- NZPA
