Global demand for commodities is expected to continue to weaken, leading to further falls in prices.
The ANZ Commodity Price Index shows prices fell for the seventh consecutive month, dropping 4.6% in February - taking it to its lowest level since March 2006.
The fall was driven by lower prices for wool, beef, dairy, timber and aluminium.
ANZ economist Steve Edwards says there's no sign that commodity prices will improve over the next few months.
However, the weakening New Zealand dollar provided a buffer for exporters. When factored in, the dollar-based index recorded a lift of 1.9%.