New Zealand commodity prices dipped slightly in July, with weakness in logs and dairy products, while kiwifruit prices rose, according to the ANZ Commodity Price Index.

The index slipped 0.1 per cent to 308.5 in July from June, though it remains 22 per cent higher than in July last year. Prices of seven commodities fell, while eight rose. Wood pulp and lumber prices were unchanged in the month.

The ANZ series adds to evidence that global prices are coming off their peaks. A 2 per cent decline in dairy prices comes after the price of dairy products dropped 5.1 per cent in Fonterra's latest online auction, based on the GDT-TWI Price Index.

The ANZ NZD Commodity Price Index fell 3.7 per cent last month, reflecting a 3 per cent gain in the trade-weighted index in July. The kiwi dollar rose to above 88 US cents today as the US Congress finally reached accord on raising the debt ceiling. The TWI reached 75.17, the highest since July 2007.

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The world price of kiwifruit rose 7 per cent in July, leading the advance. Wool rose 6 per cent and beef climbed 5 per cent. Prices of skins gained 2 per cent, while seafood, sheep meat and venison all gained 1 per cent

Logs recorded the biggest decline in the month, dropping 6 per cent from June. Apples fell 5 per cent and aluminium declined 1 per cent.