5 Nov 2013

Commodity prices continue their rise

9:12 am on 5 November 2013

The prices paid for commodities New Zealand produces rose for a fourth successive month in October.

The ANZ Bank's commodity price index showed the increase was broad-based, with rises in prices of 11 of the 17 commodities measured.

In particular, the price of wool rose 10% in October to a 22 month high.

ANZ economist Steve Edwards says the index is now at its third highest level and is only 1.8% below the April 2013 record.

But prices of commodities in New Zealand dollar terms fell slightly in October because of the rising exchange rate for the currency.

Compared with October last year, world prices are up 23% while prices in New Zealand dollar terms are up 21%.