Commodity prices rise 1.3% in October, led by wool and cheese
New Zealand commodity prices rose for the third straight month in October, led by gains in wool and dairy products while aluminium fell.
The ANZ Commodity Price Index increased 1.3% last month, with 12 commodity prices gaining two declining and three unchanged.
A slightly firmer New Zealand dollar meant the gain in the ANZ NZD Commodity price Index was a slightly lower 1.1%.
Wool prices rose 5%, the second monthly gain after declines in 11 of the preceding 12 months. Cheese rose 4% while butter and milk powders rose 3%.
Kiwifruit rose 2% and apples gained 1%, firming into the tail of the Northern hemisphere export season. Log prices gained 1%, while venison, lamb and beef eked out small gains.
Pelts recorded the biggest decline, down 6% last month, and aluminium fell 4%. Seafood, wood pulp and lumber were unchanged.