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New Zealand economy’s ANZ World Commodity Price Index fell for a fourth consecutive month, down 1.8% m/m in September, pushing annual growth further into negative territory, at -3.0% y/y.

Key Quotes

“Price declines were relatively broad based, with 10 of the 17 commodities down, four unchanged and three lifting in the month.”

“Five of the six broad categories fell, with seafood unchanged. Lower world prices were partially offset by a 0.7% m/m fall in the NZDTWI. The NZD index fell 0.6% m/m, with annual growth easing from nearly 9% to 6.5% y/y.”

“Dairy prices fell 3.0% m/m and are now down 11.5% from their May peak (-11.1% y/y).”

“The meat and fibre index fell 0.4% m/m (-1.6% y/y) in September.”

“The horticultural index fell 1.3% m/m with annual growth dropping to 2.6% y/y.”

“Aluminium prices fell 1.3% m/m (-2.9% y/y).”

“Overall, slippage in the world commodity price index in September suggests the global economy is finely balanced at present with commodity markets having little capacity to accommodate positive supply surprises.”