Commodity prices climbed nearly 4% in January lifting the ANZ Commodity Price Index to another record high.
ANZ said January's index rose 3.8% to 313.3. It's the fifth consecutive strong monthly increase in the index, which has now recorded cumulative gains of 18% since last August.
Thirteen of the 17 commodity prices surveyed registered rises in January, three were unchanged and one declined.
ANZ economist Steve Edwards said the skim milk powder price produced January's biggest increase rising 14% from December. The price of whole milk powder increased by half of this, up 7%. Wool prices gained 11% and beef prices increased 7%.
Elsewhere aluminium prices rose 4%, venison prices added 3% and lumber prices were up 2%. Wood pulp, sheepmeat and seafood prices all increased by up to 1%.
The one fall was recorded by skin prices which dropped 0.5% month-on-month after reaching a 14 year high in December. The prices of logs, kiwifruit and apples were unchanged.
Meanwhile, ANZ's New Zealand Dollar Commodity Price Index also hit a new high, rising 2.3% in January to 223.2.