New Zealand commodity prices weakened in March, slipping to its lowest level this year, led by a decline in the price of dairy products and pelts.

The ANZ Commodity Price Index slipped 1.7 per cent in March to 280.1. The New Zealand dollar index fell 0.2 per cent to 185.8 points.

Eleven of the commodities fell, three rose and three remained unchanged. The largest fall across the commodity basket was in the price of pelts down 7 per cent to a 14 month low.

Butter prices dropped to a 29 month low, while skim milk powder prices eased 4 per cent to a 15 month low. Cheese and whole milk powder prices dropped 3 per cent.


A new record high was record for beef prices up 2 per cent, while wood pulp prices rose 3 per cent.

The price of wool, apples and kiwifruit was unchanged.