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ANZ analysts note that while continuing the upward shift that commenced in January, New Zealand’s ANZ World Commodity Price Index pushed up 2.8% m/m in February.

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“Positive price movements were recorded for most sectors but the 6.6% lift in dairy prices was the main driver.”

“The NZD index lifted 1.8% m/m in February, tempered by a 0.8% lift in the trade-weighted exchange rate. In local currency terms the ANZ Commodity Price Index has increased 3.2% y/y, versus a 2.2% decline in world terms.”