ANZ Commodity Price Index hits fresh record high

Tuesday 1st March 2011

International prices for key New Zealand commodities rose again last month, with the ANZ Commodity Index recording its sixth consecutive gain.

The index rose 2.7% in February from January, hitting a record high. The index has gained 21% over the past six months.

Thirteen commodities saw prices rise last month, with the strongest gain for skins, up 13% to a record high.

Milk powder prices were up 5%, as were prices for sawn timber and venison, while sheepmeat prices were up 4%.

The prices for beef and logs fell 1% from January, while kiwifruit and apple prices were unchanged, ANZ said.

The ANZ NZ dollar commodity price index rose 2.9% for the month as a result of a decline in the New Zealand dollar against key trading partners.

The economy benefited from the higher income from strong export prices, despite the higher prices consumers faced for the goods at home, ANZ economist Steve Edwards said.

"Recent seismic events reinforce the importance of strong commodity prices as a crutch of support to the economy," he said.

NZPA

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