New Zealand ANZ Commodity Prices Fall At Slower Pace

New Zealand commodity prices continued to fall in December, albeit at a much softer rate, data from the ANZ Bank showed on Wednesday.

The world commodity price index decreased 0.1 percent monthly in December, following a 4.0 percent fall in November.

On a year-on-year basis, the commodity price index declined 11.4 percent in December, following an 11.5 percent drop in the previous month.

In local currency terms, commodity prices fell 3.8 percent on month, following a 9.1 percent decrease in November. Annually, prices contracted 7.1 percent in December.

Global shipping prices weakened sharply in December, nearing pre-pandemic levels, and shipping demand is expected to remain weak until after the Chinese New Year holiday.

Meat and fibre costs declined 3.9 percent in December. Dairy prices fell 0.5 percent, and the forestry index decreased by 0.1 percent.

The horticulture index rose 4.3 percent, and aluminum prices increased for the third straight month in December, up 1.9 percent.