New Zealand’s commodity prices declined at a faster rate in August, results of a survey by ANZ showed Tuesday.
The ANZ commodity price index fell 3.3 percent month-over-month in August following the 2.4 percent drop in July. This marked the second largest decrease in prices in six month and a 17-month low.
Among the sub-groups, diary prices declined for the sixth straight month and reached a 23-month low. However, meat prices increased for the eighth consecutive month.
Among the commodities, whole milk powder prices, skim milk powder prices and butter prices recorded double-digit decreases.
Meanwhile, beef prices rose to a record high and aluminum prices increased to an 18-month high. Wool prices recovered in August.
Commodity prices in terms of local currency dropped 0.4 percent following the 3.4 percent fall in July, as the New Zealand dollar weakened.
Published: 2014-09-02 04:32:00 UTC+00
New Zealand Aug Commodity Prices Fall At Faster Rate
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