New Zealand’s commodity prices increased for the second straight month in March, results of survey by ANZ showed Thursday.
The ANZ commodity price index grew 4.6 percent month-over-month in March, faster than February’s 4.2 percent climb, which was revised up from a 1.4 percent rise.
Prices of dairy products increased the most in March, up 9.2 percent, led by milk powders. This was a carryover effect in to early this month from the February rally in the Global Dairy Trade auctions.
Meat and fibre product prices climbed in March, while aluminum and seafood prices dropped.
On a yearly basis, commodity prices fell 11.9 percent in March, following a 15.8 percent decline in the preceding month.
In New Zealand dollar terms, commodity prices increased at a slower pace of 1.5 percent monthly in March, after a 9.7 percent rise in the previous month
The material has been provided by InstaForex Company – www.instaforex.com