Economic Buzz: New Zealand ANZ Commodity Prices Fall Further

3 Nov 2022 , 12:23 PM

New Zealand commodity prices continued to decline in October as dairy and meat prices eased, data from the ANZ Bank showed. The world commodity price index decreased 3.4 percent monthly in October, following a 0.6 percent fall in September. On a year-on-year basis, the commodity price index dropped 5.2 percent in October, after a 0.2 percent growth in the previous month. In local currency terms, commodity prices rose 0.3 percent month-on-month, after a 3.2 percent gain in September. Annually, prices increased 12.3 percent in October. Global shipping prices weakened sharply in October, as manufacturing in China eased and smaller volumes of goods were shipped. Meat and fiber costs declined sharply by 5.8 percent in October. Dairy prices fell 2.8 percent and the forestry index decreased 3.6 percent. The horticulture index contracted 2.5 percent, while aluminum was the only sector to record a rise in October, up 1.2 percent.Powered by Commodity Insights