Commodity prices rose to a new record in May, the ninth month in a row that the ANZ Commodity Index increased.
Prices of kiwifruit jumped 27% and were up 19% from the same time last year.
Prices of skim milk powder, lumber, cheese and sheepmeat all rose 2%, while skins gained 4%. Log and venison prices advanced 1% and seafood gained 0.3%.
The monthly commodity price series comes after trade data this week showed primary produce drove the trade surplus to a record $1.1 billion in April and figures today showing the terms of trade rose to the highest level since 1974 in the first quarter. . .
In May, prices of nine commodities rose, six fell and two were unchanged, of the 17 monitored in the ANZ report.
Apple prices fell 7%, beef declined 5%, whole milk powder dropped 4%, aluminium fell 3% and wool fell 0.3%, its first decline this year.
Prices of wood pulp and casein were unchanged.
The high value of our currency took some of the edge of the increases with a .8% drop in the index in New Zealand dollars. although it’s 12% higher than a year ago.