New Zealand commodity prices hit record high in January
Prices for New Zealand's main commodities rose 1.2 percent to a record high in January, driven by hi…Prices for New Zealand's main commodities rose 1.2 percent to a record high in January, driven by high prices for dairy products, wool, and logs, ANZ Bank's commodity price index showed on Tuesday. The increase compared with a 1.0 percent rise in December, to be 22.6 percent higher than a year ago, and surpassing the previous record peak touched last April.
In New Zealand dollar terms, the index rose 0.6 percent for the month, lifting the annual increase to 23.9 percent. The ANZ Bank said the forestry sub-group hit a record, while the dairy sub-group was at a nine-month high. The ANZ index covers commodities, which make up around 60 percent of the agricultural economy's NZ$48.1 billion ($38.90 billion) annual export earnings. New Zealand's terms of trade hit a 40 year high in the third quarter, driven by high commodity prices, especially for dairy produce.