ANZ Commodity Price Index

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.