ANZ CPI rises for first time in four months
The ANZ commodity price index rose for the first time in four months in September, with a 2.9% increase which took it to less than 1% below its all time high recorded in May.The largest lift in commodity prices last month was for wool, up 12% to hit a 14-
The ANZ commodity price index rose for the first time in four months in September, with a 2.9% increase which took it to less than 1% below its all time high recorded in May.
The largest lift in commodity prices last month was for wool, up 12% to hit a 14-year high.
"The lift in wool prices is likely to be attributable to higher prices for cotton (of which wool is a competing fibre) and renewed demand from Middle East and European markets, which has coincided with a run down in wool inventories globally," ANZ economist Steve Edwards said.
Milk powder prices lifted 6% in September; skins, seafood and butter prices rose 4%; beef, lamb and aluminium rose 3%; and cheese and casein prices lifted 2%.
Commodities showing price rises in September outnumbered by three to one those with lower prices.
Of the four commodities with lower prices, the largest fall was an 11% drop in apple prices, associated with the winding down of the northern hemisphere export season, Mr Edwards said.
Wood pulp prices dropped 5%, sawn timber prices eased 4% and log prices eased 2%.
Converted to New Zealand prices, the NZ dollar commodity price index lifted 1.2%, as the NZ dollar rose on a monthly average basis against the currencies of most trading partners, except Australia.
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