ANZ commodities index slumps

Thursday, 04 September 2008

New Zealand's commodity price gauge recorded its largest monthly decline in seven years in August after hitting a record high in July.

The ANZ Commodity Price Index slumped 3.3 per cent in August mostly because of a 7.5 per cent fall in international dairy prices. The index is up 3.6 per cent from a year ago.

International dairy prices have now fallen 18 percent from the peak recorded in November last year.

Aluminium prices recorded the largest fall of 10.1 percent in the month in the basket of commodities ANZ monitors. Seven commodities recorded falls and four recorded rises.

Apples recorded the largest monthly rise, increasing 2.2 percent in August to reach a 14-year high. Lamb prices rose 1.6 per cent in August and log prices rose 1.3 percent. Seafood prices rose 0.8 per cent.

NZPA