Export commodity index up despite dairy price dip

World prices for a basket of New Zealand's export commodities eked out a further rise last month despite a fall in dairy prices.

ANZ's commodity price index rose 0.4 per cent - its 11th monthly increase in a row - but the increase was swamped by a stronger New Zealand dollar and in local currency terms the index was 1.2 per cent lower.

While the commodity index has climbed 36 per cent over the past year in world price terms, in New Zealand dollar terms the rise is just 5 per cent.

Dairy products, which make up 40 per cent of the index, fell 2 per cent, following rises in each of the six preceding months. World dairy prices have risen by two-thirds over the past year, though the strong exchange rate has limited the rise to 26 per cent in New Zealand dollar terms.

The only other component of the ANZ basket to fall was wool, which eased 0.6 per cent.

The biggest rise was recorded by skins, up 12 per cent to be a third higher than a year ago, followed by log prices (up 9.4 per cent) and beef (5.8 per cent).

Aluminium prices continued their recovery, rising 1.9 per cent in the month.