Fall in wool prices

Photo / APN

New Zealand commodity prices dropped to their lowest levels in a year, led by declines in wool and skins.

The ANZ Commodity Price Index slipped 0.8 per cent last month, with little change in the New Zealand dollar resulting in a 0.6 per cent decline in world prices. Since a peak in May, the overall level of commodity prices has fallen 10 per cent.

Eleven commodities fell, two rose and four remained unchanged. Wool and skins declined 7 per cent, log prices dropped 5 per cent and lamb prices fell 4 per cent.

A new record high was recorded for beef prices, rebounding 12 per cent in December. The price of skim milk powder, butter, casein and sawn timber all eased by one per cent or less.

No change was recorded in the price of seafood, apples, whole milk powder or venison.