New Zealand's commodity price gauge hit a new record high in July, with most commodities rising during the month.
After inching down in June, the ANZ Commodity Price Index jumped 1.8 per cent to be 8.7 per cent higher than a year earlier.
In New Zealand dollar terms,the index rose 2.8 per cent to a record high, boosted by higher export prices and a lower New Zealand dollar compared with major trading partners, said ANZ economist Steve Edwards.
"The recent lift in agricultural prices will give the nation a step-up on the medal podium and assist the rebalancing process the economy is embarking on, as growth swings from the spending to the earning sectors," he said.
World beef prices rose 10.5 per cent in July to be up 38 per cent on a year ago. Aluminium prices increased 3.8 per cent for the month, lamb was up 3.3 per cent, and rising less than 1 per cent were apples, wood pulp, dairy, seafood and logs.
Sawn timber fell 4.3 per cent, pelt prices fell 3.2 per cent, and wool prices were down 1.1 per cent.
