New Zealand commodity prices had the biggest monthly decline since February 2009, rounding out the fifth consecutive slide, led by dairy products and kiwifruit.
The ANZ Commodity Price Index dropped 3.5 per cent in October and has fallen 7.9 per cent from its May peak. Of the 17 commodities measured, 10 fell, two rose and five were unchanged.
The index fell 0.6 per cent local currency terms, reflecting a broadly weaker New Zealand dollar. That softened the impact of the decline in global commodity prices. The trade-weighted index has declined 6 per cent in the past three months.
The decline in the world and NZ dollar indexes brings them back to their levels at the start of the year, though they are both at the highest for the month of October in at least five years.
Kiwifruit prices tumbled 17 per cent, which ANZ economist Steve Edwards said reflects the traditional end to the export season. Dairy products mainly fell, with cheese dropping 7 per cent, skim milk powder and butter declining 6 per cent, whole milk down 4 per cent and casein down 1 per cent.
