World prices for a basket of New Zealand's export commodities fell 1.3 per cent last month, with dairy products once more leading the decline.
The ANZ commodity price index recorded its seventh consecutive monthly decline to be 13 per cent down from its peak last February.
But September also saw the New Zealand dollar depreciate against the currencies of all major trading partners except Japan. As a result in New Zealand dollar terms the ANZ index rose 1.6 per cent in September - the first lift since February.
Skim milk powder prices fell 14 per cent from August to the lowest level since June 2012, while whole milk powder prices fell 5 per cent, butter 8 per cent and cheese 3 per cent. Dairy products make up 47 per cent of the index.
On the other hand beef prices rose 10 per cent, making a gain of 41 per cent since April, on renewed demand out of the United States, ANZ economist Steve Edwards said.
