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Financial News: New Zealand Commodity Prices Remain Flat In September

New Zealand Commodity Prices Remain Flat In September

10/03/2019 - 00:29:00 (RTTNews)

(RTTNews) - New Zealand commodity prices remained flat in September as gains in meat, forestry and aluminum offset weaker prices in the other sectors, data from ANZ bank showed on Thursday.

The world price index remained unchanged in September after rising 0.3 percent in August.

However, commodity price inflation accelerated to 3.4 percent on a yearly basis from 0.9 percent a month ago.

In local currency terms, the commodity price index gained 1.4 on month, bolstered by the 1.4 percent fall in the New Zealand dollar Trade Weighted Index during September. Further downward movement in the currency is expected to support returns to New Zealand producers in the coming months, ANZ said.

On an annual basis, commodity prices climbed at a faster pace of 6.5 percent after rising 3.7 percent in August.

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