ANZ Commodity Price Index

The ANZ World Commodity Price Index rose 2.0% m/m in January. Dairy prices rose 3.3% from December, rebounding from four months of falling prices. The NZD Commodity Price Index rose 1.3% m/m in January, with a stronger NZD offsetting higher commodity prices overseas.

The ANZ World Commodity Price Index fell 2.1% m/m in December. Dairy prices fell 5.3% m/m, offsetting a 1.2% rise in meat and wool. Global dairy prices are being pressured by strong milk production growth in most major exporting countries. The impact on butter has been the most dramatic, with prices down 16.9% m/m.

The ANZ World Commodity Price Index fell 1.6% m/m in November. Dairy prices fell 5.4% m/m, offsetting a 3.5% rise in meat prices. The dairy market is currently facing very strong production growth in all key exporting countries. This is pressuring butter and all other dairy commodity prices. In contrast, the meat, skins, and wool world price index rose to a new record. Strong demand and tight supplies of all red meat and wool products continue to push prices up despite tariff variability. The overall index has drifted lower since May and is now 0.2% lower than a year ago. This is the first annual fall since December 2023.

The ANZ World Commodity Price Index fell 0.3% m/m in October. Dairy prices fell 2.5% m/m. Due to dairy’s high weighting, this was enough to offset rising prices in meat and wool (+3.0%), forestry (+1.1%), and aluminium (+5.1%). The overall index has drifted lower since May, coinciding with the peak in dairy prices that month. However, compared to a year ago the index is still up 4.4%. The NZD Commodity Price Index rose 1.5% m/m due to the NZD weakening yet again. A weaker NZD lifts commodity prices in local currency terms, and this has helped our NZD-denominated index rise 12.0% y/y, much stronger than its World Price counterpart.

The ANZ World Commodity Price Index fell 1.1% m/m in September. This was mainly driven by falling dairy prices, which make up a large proportion of the index – they resumed their downward trend after a brief rally in August. Log prices also fell. However, the other components of the index rose in the month. The overall index has drifted lower since May, despite rising meat prices, but compared to a year ago it is still up 6.2%.  The NZD Commodity Price Index fell 0.6% m/m, with the NZD weakening for a third consecutive month. A weaker NZD lifts commodity prices in local currency terms.

The ANZ World Commodity Price Index rose 0.7% m/m in August. All components of the Index rose, except aluminium. The Index had been drifting lower since May due to falling dairy prices, but this trend reversed in August. Over the past year the index has risen 9.3%, supported by higher dairy and meat prices. The NZD Commodity Price Index rose 2.1% m/m, with the NZD weakening over the month.

The ANZ World Commodity Price Index fell 1.8% m/m in July as lower dairy product prices weighed. However, over the past year the index has risen 10.7%, supported by higher dairy and red meat prices. The NZD Commodity Price Index fell 1.2% m/m on a stronger currency. 

The ANZ World Commodity Price Index fell 2.3% m/m in June as lower dairy products weighed. The NZD Commodity Price Index fell 3.4% m/m on a stronger currency.

The ANZ World Commodity Price Index was up 1.9% m/m in May, with dairy and aluminium prices lifting the index. The NZD Commodity Price Index rose 0.5% m/m.

The ANZ World Commodity Price Index was flat in April, with dairy and meat price rises offset by falls in forestry and aluminium. The NZD Commodity Price Index fell 1.0% m/m.

The ANZ World Commodity Price Index fell 0.4% m/m in March, hanging onto most of the 3% lift seen in February. Only beef, butter and cheese managed a positive result in the month. The NZD Commodity Price Index fell 0.5% m/m.

The ANZ World Commodity Price Index rose 3.0% m/m in February. All sectors lifted during the month, except horticulture, which is taking a well-earned off-season break. The NZD inched up 0.2% in February, which saw the NZD Trade Weighted Index rise 2.3% m/m.

The ANZ World Commodity Price Index rose 1.8% m/m in January. All sectors except forestry managed to lift during the month, but the largest gains were made by meat and wool. The NZD eased a further 1.2% in January, pushing up the NZD Trade Weighted Index by 3.2% m/m.

The ANZ World Commodity Price Index inched up 0.2% m/m in December, finishing 2024 up 15% y/y. All sectors except forestry achieved gains during the year but the largest were made by dairy and meat. However, these sectors were more subdued in December. Meat eased 0.3% m/m whilst dairy added just 0.1%. The horticulture sector was the most buoyant, lifting 3.9% m/m. The NZD eased 1.6% in December, pushing up the NZD Trade Weighted Index by 3.6% m/m.

The ANZ World Commodity Price Index increased 2.9% m/m in November, driven up primarily by stronger dairy prices. In New Zealand dollar terms, the gain was more significant, with the 5.2% m/m lift in the index supported by a 1.0% fall in the NZD Trade Weighted Index.

The ANZ World Commodity Price Index increased 1.4% m/m in October as stronger prices were recorded for all major sectors excluding meat and fibre. In New Zealand dollar terms, the index lifted 3.4% m/m as the NZD Trade Weighted Index fell by 1.3%.

The ANZ World Commodity Price Index increased 1.8% m/m in September as stronger prices were recorded for all major sectors excluding forestry. In New Zealand dollar terms, the index fell 0.2% m/m as the NZD Trade Weighted Index lifted 1.0%.

The ANZ World Commodity Price Index increased 2.1% m/m in August as prices for meat and dairy had a strong month. In New Zealand dollar terms, the index lifted 1.5% m/m as the NZD Trade Weighted Index fell 0.7%.

The ANZ World Commodity Price Index fell 1.7% m/m in July as prices for dairy, apples and aluminium retreated. In New Zealand dollar terms, the index lifted 0.2% m/m as the NZD Trade Weighted Index fell 1.9% in July.

The ANZ World Commodity Price Index lifted 1.5% m/m in June as prices for dairy, meat and forestry strengthened. In New Zealand dollar terms, the index lifted just 0.3% m/m as the NZD Trade Weighted Index lifted 1.4% in June.

The ANZ World Commodity Price Index lifted 1.1% m/m in May, driven up by stronger dairy and aluminium prices which offset weaker prices for meat and horticultural produce.

The ANZ World Commodity Price Index lifted 0.5 m/m in April as stronger meat and aluminium prices offset further weakness in forestry returns. In New Zealand dollar terms, the index gained 2.7% m/m as the NZD Trade Weighted Index fell 1.0%.

The ANZ World Commodity Price Index fell 1.3% m/m in March as dairy and forestry prices fell. In New Zealand dollar terms, the index fell 0.4% m/m as the NZD lost 0.8% against the Trade Weighted Index.

The ANZ World Commodity Price Index gained 3.5% m/m in February as both dairy and meat prices improved. In New Zealand dollar terms, the index lifted 4.1% m/m as the NZD fell 0.8% against the US dollar.

The ANZ World Commodity Price Index gained 2.2% m/m in January. Higher returns for dairy products were again the major driver. In New Zealand dollar terms, the index lifted 2.9% m/m as the NZD fell 0.2% against the trade weighted index.

The ANZ World Commodity Price Index gained 2.4% m/m in December, seeing it end the year down just 1.8% y/y. Dairy prices improved to drive the index higher, more than offsetting weaker aluminium prices. In New Zealand dollar terms, the index lifted 1.9% m/m as the NZ dollar gained 2.4% against the trade weighted index.

December 2023: Food commodity prices ease (PDF 808KB)
The ANZ World Commodity Price Index fell 1.3% m/m in November, ending the recent run of stronger prices. Food commodity prices generally fell while prices for logs and aluminium improved. In New Zealand dollar terms, the index fell 2.5% m/m as the trade weighted index lifted 0.2%.

November 2023: Another welcome lift (PDF 800KB)
The ANZ World Commodity Price Index gained 2.9% in October after also lifting the previous month. Strong increases were recorded for dairy and horticulture, which helped to offset weaker prices for lamb and logs. In local currency terms, the index rose 3.1% m/m.

October 2023: Heading in the right direction (PDF 800KB)
The ANZ World Commodity Price Index gained 1.3% in September after trending lower for the previous three months. The lift, although modest, was broad based with all major sectors, except horticulture, lifting. In local currency terms, the index rose 2.0% m/m as the NZD depreciated 0.1% against the Trade Weighted Index.

September 2023: Dairy doldrums drag down index (PDF 800KB)
The ANZ World Commodity Price Index fell for the third consecutive month, dropping 2.9% m/m in August. Dairy and lamb prices fell whilst slightly stronger prices were recorded for other food commodities. In local currency terms, the index fell rose 0.6% m/m as the NZD depreciated 2.2% against the Trade Weighted Index.

August 2023: Commodity prices under pressure (PDF 788KB)
The ANZ World Commodity Price Index fell 2.6% m/m in July. Meat, dairy and aluminium prices all fell as global demand for these commodities weakened further. In local currency terms the index fell 3.8% m/m, as the NZD appreciated 1.2% in Trade Weighted Index terms.

July 2023: Meat and log prices tumble (PDF 788KB)
The ANZ World Commodity Price Index fell 2.3% m/m in June. Beef and lamb prices fell sharply, and forestry prices also retreated, while apple prices improved. In local currency terms the index fell just 0.6% m/m, supported by a 0.7% m/m easing of the NZD against the Trade Weighted Index.

June 2023: China slowdown shapes commodity price movements (PDF 788KB)
The ANZ World Commodity Price Index gained 0.3% m/m in May. Dairy prices lifted but prices for meat, export logs and aluminium fell. In local currency terms the index gained 0.7% m/m, supported by a 0.4% m/m easing of the NZD against the US dollar.

May 2023: Beef bullish, but dairy down (PDF 876KB)
The ANZ World Commodity Price Index fell 1.7% m/m in April. Dairy prices and returns for export logs softened but meat prices lifted. In local currency terms the index fell 1.4% m/m, supported by a 0.4% m/m easing of the NZD in terms of the Trade Weighted Index.

April 2023: Pick ‘n’ mix (PDF 852KB)
The ANZ World Commodity Price Index increased a further 1.3% m/m in March, but it was a mixed bag amongst the various sectors. Stronger returns for meat largely offset weaker aluminium prices. In local currency terms the index gained 2.7% m/m, supported by a 0.4% m/m easing of the NZD against the Trade Weighted Index.

March 2023: Picking up (PDF 860KB)
The ANZ World Commodity Price Index increased 1.3% m/m in February, a welcome lift after 10 consecutive monthly falls. Stronger returns for meat and forestry products were the main drivers. In local currency terms the index gained 2.0% m/m, supported by a 0.8% m/m easing of the NZD against the Trade Weighted Index.

February 2023: Mixed results (PDF 856KB)
The ANZ World Commodity Price Index eased 1.0% in the first month of 2023. Movements were mixed. Meat, forestry and aluminium prices lifted, while dairy and horticulture prices eased. In local currency terms the index dropped 1.2%.

January 2023: Soft end to the year (PDF 860KB)
The ANZ World Commodity Price Index fell just 0.1% in December, as higher aluminium and dairy prices helped offset weaker returns for meat. In local currency terms the index dropped 3.8%, as the NZD appreciated 2.1% against the Trade Weighted Index.

December 2022: Double whammy (PDF 852KB)
The ANZ World Commodity Price Index fell 3.9% in November, as prices for food commodities eased. In local currency terms the index plunged 9.1%, as the NZD appreciated 4.6% against the Trade Weighted Index.

November 2022: Meating demand (PDF 852KB)
The ANZ World Commodity Price Index fell 3.4% in October, as dairy and meat prices eased. In local currency terms the index eked out a 0.3% gain, as the NZD depreciated a further 2.0% against the Trade Weighted Index.

October 2022: All about the dollar (PDF 852KB)
The ANZ World Commodity Price Index fell 0.5% in September, continuing the downward trend since April. But in local currency terms the index appreciated 3.3% as the NZD depreciated by 2.5% against the Trade Weighted Index.

September 2022: Dairy demand softens (PDF 852KB)
The ANZ World Commodity Price Index fell 3.3% in August, with the pace of decline accelerating in the past three months. In NZD terms the decline was even greater, with the index falling 4.4% as our currency appreciated 1.1% according to the Trade Weighted Index.

August 2022: Weak NZD partially offsets lower prices (PDF 860KB)
The ANZ World Commodity Price Index fell 2.2% in July, with prices easing across the majority of export sectors. The relatively soft NZD continues to support returns, with the index falling just 0.5% in local currency terms.

July 2022: Softer NZD offsets lower prices (PDF 864KB)
The ANZ World Commodity Price Index fell a further 0.4% in June, driven down by weakness in aluminium, meat and forestry. But in local currency terms the index gained 0.7% due to the NZD continuing to depreciate against the currencies of many of our trading partners.

June 2022: Prices fall in May (PDF 860KB)
The ANZ World Commodity Price Index fell a further 2.8% in May, driven down by weakness in aluminium, dairy and forestry. But in local currency terms the index gained 2.0%, due to the NZ dollar depreciating sharply on a trade weighted index (TWI) basis.

May 2022: Prices ease on lockdown woes (PDF 916KB)
The ANZ World Commodity Price Index eased 1.9% in April, after trending up since the start of the year. In local currency terms, the index fell just 0.8% due to the NZ dollar depreciating slightly on a trade weighted index (TWI) basis.

April 2022: Keep your eyes on the highs (PDF 852KB)
The ANZ World Commodity Price Index hit a new record in March, lifting a further 3.9%. Prices are very strong across most commodities, but none of the sub-indices are currently at record levels. In local currency terms, the index gained just 0.5%, as local returns were eroded by a 3.1% gain in the trade weighted index (TWI).

March 2022: Climbing to a higher peak (PDF 848KB)
The ANZ World Commodity Price Index surged 3.9% in February to hit yet another record high. Prices lifted across most commodity groups with dairy and aluminium leading the charge. In local currency terms, the index gained 4.9%, as local returns were supported by a 1.2% reduction in the trade weighted index (TWI).

February 2022: 2022 off to a flying start (PDF 836KB)
The ANZ World Commodity Price Index climbed 1% in January to hit a new record high. Dairy and a strong lift in aluminium prices pushed the index up. In local currency terms, the index gained 1.9%, to extend its record high, helped along by a 0.8% reduction in the trade weighted index (TWI).

January 2022: Forestry returns fall (PDF 832KB)
The ANZ World Commodity Price Index eased 0.2% in December, as stronger prices for dairy, meat and aluminium were not sufficient to offset lower returns from the forestry and horticultural sectors. The index still finished the year up 24% y/y.

December 2021: Dairy drives index higher (PDF 828KB)
The ANZ World Commodity Price Index lifted 2.8% in November, pushing it into new territory. Dairy prices led the charge, supported by strong gains in meat, which offset weaker prices for forestry and aluminium.

November 2021: Above the clouds (PDF 832KB)
The ANZ World Commodity Price Index lifted 2.1% in October, shooting above its previous record high. Dairy and aluminium delivered strong gains, while the meat sub-index broke new ground.

October 2021: Spring bounce (PDF 456KB)
The ANZ World Commodity Price Index lifted 1.5% in September, partially unwinding the previous month’s fall. Dairy and forestry both regained some ground and aluminium and meat prices (particularly lamb) were strong.

September 2021: Losing elevation (PDF 456KB)
The ANZ World Commodity Price Index has continued to ease, falling 1.6% in August following a similar decrease in July. Dairy and forestry led the index down, offsetting stronger prices from other sectors. In local currency terms the index also fell 1.6% as the NZ dollar eased just 0.1% against the US dollar.

August 2021: Peaked (PDF 452KB)
The ANZ World Commodity Price Index has come off its record level, having eased 1.4% in July. Dairy continued to lose ground and we also recorded lower prices for logs this month. In local currency terms the index barely changed, lifting just 0.1% m/m, as lower commodity prices were offset by a softening in the NZD Trade Weighted Index.

July 2021: Freight frustrations (PDF 456KB)
The ANZ World Commodity Price Index continues to gain elevation, lifting 0.8% m/m in June. Dairy was the only major category to lose ground during the month, with very strong gains again recorded in the forestry sector. In local currency terms the index gained 2.3% m/m, as stronger commodity prices were further boosted by the Trade Weighted Index easing by 1.1%.

June 2021: Dizzy heights (PDF 452KB)
The ANZ World Commodity Price Index lifted 1.3% m/m in May, its eighth consecutive lift. Prices for all major categories of commodities lifted, pushing the index to a record level. In local currency terms the index gained 1.0% m/m, as stronger commodity prices were partially offset by the Trade Weighted Index firming 0.6%.

May 2021: Take me higher (PDF 456KB)
The ANZ World Commodity Price Index lifted 2.3% m/m in April to extend its record high. The lift in the index was driven by stronger prices for beef, lamb, logs and aluminium. In local currency terms the index gained 2.2% m/m.

April 2021: Sky high (PDF 452KB)
The ANZ World Commodity Price Index lifted 6.1% m/m in March to reach a record high. The strength in the index was driven primarily by the sharp lift in dairy prices. In local currency terms the index gained 7.4% m/m to also reach a record high.

March 2021: Onward and upward (PDF 364KB)
The ANZ World Commodity Price Index lifted 3.3% m/m in February to reach its highest level since April 2014. The dairy sector provided much of the impetus, supported by strong prices for meat, forestry and aluminium. In local currency terms the index gained 2.7%.

February 2021: Dairy leads the way (PDF 324KB)
The ANZ World Commodity Price Index has started 2021 strongly, gaining 3.6% in the month of January. The dairy sector provided most of the lift, while stronger prices were also recorded in the meat and forestry sectors. In local currency terms the index gained 2.4%.  

January 2021: Up, up and away? (PDF 332KB)
The ANZ World Commodity Price Index farewelled 2020 with a 1.8% gain in the month of December, to finish the challenging year down just 0.4% y/y. Dairy, forestry and aluminium were the sectors that pushed the index higher. In local currency terms the index fell 0.9%, as the Trade Weighted Index (TWI) gained 1.8%.

December 2020: Butter me up (PDF 328KB)
The ANZ World Commodity Price Index posted a modest gain of 0.9% in November. Higher prices for aluminium, beef, wool and butter helped push the index higher. In local currency terms the index fell 2.3%, all but wiping out the October gains.

November 2020: Against the odds (PDF 332KB)
The ANZ World Commodity Price Index gained 1.9% in October, reversing the downward trend present in the past couple of months. In local currency terms the index also lifted 2.5% with the NZD broadly stable on a Trade Weighted Index (TWI) basis during October.

October 2020: Drifting back (PDF 332KB)
The ANZ World Commodity Price Index eased just 0.2% in September as lower dairy and meat prices were largely offset by stronger prices for logs and fruit. In local currency terms the index fell 1.3% as the NZD strengthened by 0.6% on a Trade Weighted Index (TWI) basis during September.

September 2020: Global pressures weighing on prices (PDF 344KB)
The ANZ World Commodity Price Index eased 0.9% in August as lower dairy prices were partially offset by stronger prices for meat and aluminium. In local currency terms the index fell just 0.2% as the NZD weakened by 1.3% on a Trade Weighted Index (TWI) basis during August.

August 2020: Defying the odds (PDF 288KB)
The ANZ World Commodity Price Index gained 2.3% in July with strength in the dairy market driving the index back to its pre-COVID-19 levels. In local currency terms the index fell 0.3% as the NZD firmed against the currencies of all our major trading partners.

July 2020: Mixed emotions (PDF 276KB)
The ANZ World Commodity Price Index fell by 0.7% in June as falling prices for logs and lamb more than offset gains in other sectors. In local currency terms the index fell 4.5% as the NZD firmed against the currencies of all our major trading partners.

June 2020: Foot off the gas pedal (PDF 276KB)
The ANZ World Commodity Price Index fell marginally in May, dropping just 0.1%. Commodity prices have held up extremely well so far given the global market volatility, but prices are expected to ease in the months ahead.

May 2020: Slow motion (PDF 276KB)
The ANZ World Commodity Price Index fell a further 1.1% in April. The index has now fallen 9% in the past year. In local currency terms the index fell 0.6% due to the weaker NZD. The NZD eased 0.4% on a Trade Weighted Index (TWI) basis during April.

April 2020: Down but not out (PDF 276KB)
The ANZ World Commodity Price Index fell another 2.1% in March. The index has now fallen 8.3% in the past four months, but relative to other global commodities, that’s not too bad.

March 2020:  More downside to come (PDF 276KB)
The ANZ World Commodity Price Index fell just 2.1% in February but there is more downside to come. The impact on export prices of the recent coronavirus outbreak in China is only partially captured in this month’s data. We expect further downwards pressure on commodity prices in March.

February 2020: Easing into 2020 (PDF 276KB)
The ANZ World Commodity Price Index fell 0.9% in January as weaker meat prices pulled the overall index down. The impact on export prices of the recent coronavirus outbreak in China was not captured in the January pricing. We expect downwards pressure on commodity prices in February.

January 2020: Softer tone (PDF 276KB)
The ANZ World Commodity Price Index fell 2.8% in December due to weaker prices for lamb, beef and kiwifruit. However, the overall index remains 9.4% higher than it was a year ago.