New Zealand Commodity Prices Fall For Third Month

New Zealand's commodity prices decreased for the third consecutive month in January, the results of a survey by ANZ showed Tuesday.

The ANZ commodity price index dropped 2.3 percent month-over-month in January, which was worse than the 1.8 percent fall in December.

The survey showed that prices were stable-to-better for nine of the 17 commodities monitored in January, with eight declining.

"Global commodity prices have started the year on the back foot, driven by falls in oil and industrial metals. Soft commodity price movements and prices in New Zealand's specific export basket have been more mixed, however, varying with the fundamentals of each sector." ANZ rural economist Con Williams said.

"China's economic fortunes and supply dynamics remain front and centre for many commodities."

The NZD ANZ commodity price index slid at a slower pace of 0.4 percent monthly in January, following a 3.9 percent dip in the preceding month.

On an annual basis, the NZD ANZ commodity price index fell 1.6 percent in January after a 1.1 percent decline a month earlier.

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