November 10, 2013
Prices for New Zealand’s main commodities rose to their highest in five months in October, driven by solid gains for wool, meat, and some dairy produce, although a rise in the exchange rate dented local returns, the ANZ Bank’s commodity price index showed on Monday.
The index rose 1.3 percent from September, to be 22.9 percent higher than a year ago. The index is 1.8 percent below a record high touched in April. In New Zealand dollar terms, the index fell 0.6 percent for the month as the domestic currency gained, trimming the annual rise to 21.2 percent. ANZ’s index includes commodities which make up around 60 percent of the agricultural economy’s NZ$46 billion ($38 billion) annual export earnings.
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