NZ data: ANZ Commodity Price index for April: -0.8% m/m (prior -1.3%)
New Zealand data on commodity export prices
- Down 16.8% y/y
Comments from ANZ:
- Dairy prices weighed heavily
- Prices also fell for beef
- better performers in April were prices for lamb ... aluminium
- Renewed NZD/USD strength saw NZD prices decline 2.8% in April. Since the start of the year world prices in the index have fallen 1.6%, but NZD prices were down 5.7% over the same period.
- Commodity prices are roughly one-third below early 2014 peaks in world price terms, but are around one quarter below historic peaks in NZD terms.