Rising dairy prices have helped push international commodity prices up by more than 10%, while a relatively weaker New Zealand dollar is boosting returns to producers.
ANZ Bank's Commodity Price Index increased 10.5% in November, the second largest monthly increase on record.
The main contirbution came from dairy prices, which jumped 22%, while prices for wool, wood pulp, aluminium, sawn timber, beef and skins also rose.
ANZ economist Steve Edwards says the index is now 17% higher than a year ago, and although it is still below the peak, this is the first positive annual gain since August last year .
The decline in value of New Zealand dollar pushed up the index to 11.5% when calculated in New Zealand dollars, he says.