Commodity prices rose again last month with the ANZ Commodity Price Index climbing to another record high as 13 of the 17 commodity prices measured by the index rose, two were static and just two fell.
The ANZ Commodity Price Index recorded a sixth consecutive monthly increase rising 2.7% month-on-month to 321.8, meaning it's now up 21% over the last six months and at another record high since its 1986 launch.
Skin prices recorded the strongest rise in February, gaining 13% to a new record high. Milk powder, sawn timber and venison all rose 5%. Sheep meat prices rose 4% and aluminium and butter prices rose 3%. Prices for wool, casein, cheese and wood pulp added 1%, with seafood prices up just under ½%.
Beef and log prices both fell 1% from January with Kiwifruit and apple prices unchanged.
When converted into the New Zealand dollar (from the US dollar), the Index recorded an even stronger rise, lifting 2.9% to 229.7.
'This reflected a narrow easing in the value of the NZ dollar against all the NZ TWI bilateral currencies," ANZ economist Steve Edwards said.
"It is simply a question of time before the income boost from higher commodity prices diffuses into the broader economy," Edwards added. "Recent seismic events reinforce the importance of strong commodity prices as a crutch of support to the economy."