ANZ's Commodity Price Index fell by 1.8% in July over June, but the price basket is still 10.7% higher than a year ago.
ANZ said a easing of dairy prices weighed down gains in other areas.
In New Zealand dollar terms the July fall was 1.2% after accounting for the stronger local currency.
Dairy prices fell by 4.5% month-on-month with both whole milk and skim milk powder lower. However, ANZ noted dairy prices often eased at this time of year in anticipation of new season production ramping up in spring.
"Locally, sentiment is high, with the dairy index up 16.3% from July 2024, and another strong payout is forecast."
The meat and fibre index rose by 1.4%, buoyed by both beef and lamb. Wool prices fell 2.4%.
The horticulture index fell by 2.2% "as produce in overseas markets settle into a new-season price range."
Apple prices were up 2.5% while kiwifruit prices fell 3.8%.
The share of apple and kiwifruit exports heading to China keeps trending higher and is now around 30%, ANZ noted.
Forestry prices were up 1.3% for the month but down 7.3% for the year. China's property market continues to struggle, limiting demand for NZ logs.
Aluminium prices were up 3.3% for the month and 10.5% for the year.
Global shipping prices were generally higher in July. Exporters expect prices to ease in the coming months due to reduced global demand.
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