ANZ Commodity Price Index

The ANZ World Commodity Price Index fell 0.8% m/m in April. Most commodity groups in the index rose in the month, but a 3.8% m/m drop in dairy prices drove the headline result. Dairy prices are in a period of high volatility, especially butter. Overall dairy prices are down 7.5% y/y, reflecting strong global supply.

The ANZ World Commodity Price Index rose 4.1% m/m in March. The Middle East conflict, which broke out at the end of February, drove many commodity prices higher in March. This is the second-highest month on record for the index in world price terms. Only March 2022 was higher, at the outbreak of the war between Russia and Ukraine.

The ANZ World Commodity Price Index rose 4.2% m/m in February. Rising geopolitical tension throughout January and February likely contributed to higher commodity prices across several categories. Dairy prices increased 7.8% m/m, continuing the rebound that began in January.

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.