NZ: World Commodity Price Index down 2.4% in October - ANZ

Susan Kilsby Agriculture Economist at ANZ, points out that the New Zealand’s ANZ World Commodity Price Index fell for a fifth consecutive month, down 2.4% m/m in October.

Key Quotes

“The drop was identical to the monthly fall recorded in September1 . Annual growth (-5.6% y/y) is the weakest since mid-2016. The index was driven down by weaker prices for most commodities.”

“Weaker world prices were partially offset by the softer NZD, which was down 0.2% m/m on a trade-weighted basis. The NZD index fell 1.6% m/m. Annual growth in the NZD index still remains positive for now, slipping from just under 6% in September to 1.6% y/y.”