Commodity prices post biggest drop in 7 years

Thursday 4th September 2008

An index of New Zealand's commodity export prices posted the biggest decline in seven years last month, led by prices for dairy products and aluminium.

The ANZ Commodity Price Index fell 3.3% in August, as seven out of 13 commodities fell. Dairy prices dived 7.5% and have declined 18% from their peak in November last year.

The price of aluminium tumbled 10.1% from the previous month, the largest decline of any commodity. Skin prices fell 5.2% and prices declined for sawn timber, wool, kiwifruit and beef.

Apples led gainers, with prices rising 2.2% to a 14-year high. Lamb prices rose 1.6%, logs gained 1.3% and seafood rose 0.8%.

By Jonathan Underhill

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