4 Feb 2014

Commodity prices rise to record

1:55 pm on 4 February 2014

New Zealand commodity prices have risen 23 percent over the past year, according to the ANZ Commodity Price Index.

The ANZ Commodity Price Index in January advanced 1.2 percent to 334.3, from December. AAP reports the index is 23 percent above January 2013.

International prices for 10 of New Zealand's main commodities increased in the month, three fell and four were unchanged.

Butter prices led the gains, up four percent from December and 33 percent above January last year.

Prices of wood pulp and skim milk powder rose three percent, while wool, cheese and whole milk powder prices increased two percent and casein and logs advanced one percent.

Weaker prices were recorded for beef, pelts and aluminium, which were down about 0.5 percent.

Prices for venison, seafood, apples and kiwifruit were unchanged.

The index lifted 0.6 percent from December, taking the annual gain to 24 percent.