New Zealand’s commodity prices tumbled in April, after rising in the previous two months, results of survey by ANZ showed Monday.
The ANZ commodity price index fell 7.4 percent month-over-month in April, reversing a 4.6 percent rise in March.
This has reversed most of the gains seen since the start of the year, with prices 15 percent lower than 12 months earlier and 18 percent below February 2014 peaks, the source said.
Dairy product prices dropped the most by 15.2 percent in April, dragged down by lower prices of milk powders and butter. Meanwhile, prices in the meat sub-group rose 2.3 percent.
On an annual basis, commodity prices plunged 15.3 percent in April, following a 11.9 percent fall in the preceding month.
The NZD ANZ commodity price index also dipped 8.9 percent monthly in April, in contrast to a 1.5 percent increase in March. It was the first decrease in four months.
The material has been provided by InstaForex Company – www.instaforex.com