The ANZ commodity price index rose 2% to a record high in December, its fourth consecutive monthly increase.

Dairy and sawn timber prices rose by about half a percent. Overall, 10 commodity prices recorded increases and two recorded decreases.

"At present the flow-on to the general economy is being curtailed by adverse weather conditions impacting volumes and a rural property market that remains under pressure," ANZ said. "But sustained lifts in commodity prices -- if sustained over time -- will present a tremendous windfall for the economy."

Beef prices rose 10% from a month earlier, which was the strongest increase by a commodity in the month. Sheepmeat prices rose 1.9% and venison prices rose 1.3%. Skin prices had the second largest increase, rising 5.2% from a month earlier. Aluminium, seafood and wood pulp prices lifted by just over 1%.