The ANZ Commodity Price has again surged higher, with a 10.5 per cent jump in prices for the month, underpinned by a 22 per cent hike in world dairy prices.
It is the second largest monthly increase on record and the index has now recovered 39 per cent from its low point reached in February this year. It is also 17 per cent higher than where it was at this time last year.
ANZ says this is the first positive annual rate of change in the index since August 2008.
Prices for eight commodities recorded a rise in November, while prices for another three were weaker. Dairy prices, while now 75 per cent higher than the February low point, would still need to rise by another third to reach the highs recorded two years ago.
Wool prices were up 8.8 per cent, while wood pulp, aluminium, sawn timber, beef and skins were all up between 3 per cent and 4.5 per cent.
Lamb prices fell 1.4 per cent in November, after hitting an all-time high the previous month. Venison and seafood prices eased 0.7 and 0.3 per cent, respectively.
Kiwifruit and apple prices were unchanged.
After months of historically high exchange rates, the New Zealand dollar weakened during November, said the ANZ, resulting in a stronger lift in commodity prices when converted into local prices.
- NZ HERALD STAFF
