Commodity prices rise 0.7pc in August

The ANZ Commodity Price Index rose last month after a 0.6 per cent gain in July.

New Zealand commodity prices rose for a second month in August, led by aluminium, as global prices rose from a four-year low, and skim milk powder.

The ANZ Commodity Price Index rose 0.7 per cent to 320.2 last month, edging back toward its April record of 333.5, following a 0.6 per cent gain in July.

In New Zealand dollar terms, the index rose 0.7 per cent to 218.6 and has gained 29 per cent from a year earlier.

Of the 17 commodities tracked, 11 increased, four fell and two were unchanged.

Aluminium and skim milk powder both rose 3 per cent, while whole milk powder gained 2 per cent.

Prices of beef, cheese and casein rose 1 per cent, while apples, sawn timber and kiwifruit all rose about 0.5 per cent. Seafood and sheepmeat prices were up 0.25 per cent.

The price of butter and pelts declined 2 per cent last month, while wool and log prices fell 1 per cent. Wood pulp and venison were unchanged on the month.

The report comes before Wednesday's GlobalDairyTrade auction.