Weaker global demand for commodities is expected to continue for the rest of the year - leading to further falls in prices.
The ANZ Commodity Price Index shows commodity prices fell for the fourth consecutive month, dropping 7.2% in November, with double-digit declines for beef, wool, lumber, aluminium and dairy.
The weakening New Zealand dollar provided a buffer but was not enough to offset the decline.
The index recorded a 1.8% fall in local dollar terms.
ANZ economist Steve Edwards says global demand for New Zealand exports is weaker and there is no sign commodity prices will improve over the next few months.
