4 Nov 2009

Commodity prices increase

6:04 pm on 4 November 2009

Commodity prices rose 4.6% in October, mainly due to an increase in dairy and log prices, the ANZ Bank's Commodity Price Index shows.

Dairy prices surged more than 8% during the month.

Most commodity prices rose, though beef prices fell due to end of the barbecue season in the US and apple prices also fell due to oversupply.

However ANZ economist Steve Edwards says the New Zealand dollar rose faster than the commodity prices during the month.