Commodity prices hit an all time high last month, boosted by the prices dairy exports have been fetching.
The ANZ commodity price index surged 12.6% in April, an all-time high for the index and the largest monthly rise in the history of the series which started in 1986.
ANZ economist Steve Edwards says the surge in dairy prices has underpinned the rise, and excluding that, the index would only have increased by 0.2%.
He says overall dairy prices were up 26% and because they make up about 40% of the weighted index it's pushed the overall index up 12.6%.
Mr Edwards says skim milk prices lead the way with a 39% increase and there was a 32% rise in whole milk prices.