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Financial News: New Zealand Commodity Prices Rise For Eighth Month

New Zealand Commodity Prices Rise For Eighth Month

01/11/2017 - 22:58:00 (RTTNews)

(RTTNews) - New Zealand's commodity prices increased for the eighth successive month in December, though at a slower pace than in the previous month, the results of a survey by ANZ showed Thursday.

The ANZ commodity price index rose 0.7 percent month-over-month in December, well below the 3.2 percent climb in November.

Dairy prices grew for the seventh month running in December by 3.9 percent. Tight global milk supplies and improved Chinese import demand continued to be the main drivers. Forestry prices registered a modest increase of 0.6 percent.

At the same time, wool prices fell notably by 6.2 percent over the month and forestry prices went down by 5.5 percent.

The NZD ANZ commodity price index climbed 2.0 percent from November, when it increased by 3.2 percent.

On an annual basis, the NZD ANZ commodity price index surged 9.4 percent in December, faster than prior month's 3.0 percent rise.

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