Kiwi dollar drop acts as stabiliser for collapse in world prices

Kiwi dollar drop acts as stabiliser for collapse in world prices
The prices of New Zealand exports in world price terms fell 7.2% in November, following the trend of global commodity prices on the back of a faltering world economy, the ANZ Commodity Price Index shows. Commodity prices in New Zealand dollar terms fell 1.7% as the falling dollar acted as a stabiliser. November was the fourth consecutive month in which the ANZ world price CPI fell. It has fallen by 21% since July. The index showed dairy prices dropped 12.2% from October in world price terms. Pelt prices recorded the largest drop, down 41% from October. Beef, wool, lumber and aluminium prices all fell between 12% and 13% in November. Beef prices fell to a four-and-a-half year low, wool to a six-and-a-half year low, sawn timber to a seven-and-a-half year low and aluminium to a three year low, ANZ economist Steve Edwards said. Lamb prices rose by 4.3% and Kiwifruit by 0.3%, the only two commodities to record price rises from October.

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