Commodity prices post biggest drop in 7 years

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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