A weaker exchange rate more than offset lower world prices for most of the country's export commodities last month and pushed ANZ's commodity price index to within 6 per cent of its all-time high in local dollar terms.
In world price terms the ANZ index fell 3.7 per cent, led by declines in dairy products which make up 44 per cent of the index.
Whole milk powder and skim milk powder fell 9 and 8 per cent respectively, while beef dropped 7 per cent.
Butter, cheese, lamb, aluminium, apple and pelt prices also fell, but wool, kiwifruit, casein, seafood and log prices all improved.
When converted into significantly weaker kiwi dollars, the ANZ index rose 0.9 per cent last month, to a two-year high just 6 per cent off its all-time high in March 2011.