New Zealand commodity prices dropped to their lowest levels in a year in December, led by declines in wool and skins.
The ANZ Commodity Price Index slipped 0.8% last month, with little change in the New Zealand dollar resulting in a 0.6% decline in world prices. Since a peak in May 2011, the overall level of commodity prices has fallen 10%.
Eleven commodities fell, two rose and four remained unchanged. Wool and skins declined 7%, log prices dropped 5% and lamb prices fell 4%. A new record high was recorded for beef prices, rebounding 12% in December. The price of skim milk powder, butter, casein and sawn timber all eased by 1% or less. No change was recorded in the price of seafood, apples, whole milk powder or venison.