ANZ Commodity Price Index

Wednesday 13 Jun 2018

The ANZ World Commodity Price Index lifted 1.5% m/m in May, the fifth consecutive rise in 2018. Of the 17 commodities, ten rose, three were unchanged and four declined – the largest contributions came from cheese, skim milk powder and lamb, together making a 1.1%pt contribution to the monthly change.

Prices rose across all broad categories except seafood, which was unchanged. Aluminium prices lifted by most (up 3.2%), finding further support from global trade tensions; horticultural prices (up 2.8%) were a close second.

The NZD depreciated against major trading partners except the GBP. This helped boost NZD returns 5.0% m/m, lifting annual growth to 6.8%.

Source: ANZ

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