World prices for New Zealand's export commodities prices held their ground last month, slipping just 0.2 per cent, but the soaring exchange rate saw the ANZ index drop 3.7 per cent in New Zealand dollar terms.
In world price terms the index, a basket of the 13 most important export commodities, is off its all-time highs in April and May but still 22 per cent higher than a year ago.
But when adjusted for the exchange rate it is only 4.7 per cent higher. That leaves the index in New Zealand dollar terms lower than for any previous month this year, but still higher than at any point in the previous 25 years.
Dairy products, which comprise 42 per cent of the index, fell 2 per cent last month, apples 5 per cent and aluminium 1 per cent. But kiwifruit prices rose 7 per cent, wool 6 per cent and beef 5 per cent.
