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New Zealand ANZ Commodity Prices Rise In December

New Zealand commodity prices increased in December on higher global shipping costs, data from the ANZ bank showed on Wednesday.

The world commodity price index grew 1.8 percent on a monthly basis in December, faster than the 0.9 percent rise seen in November.

Year-on-year, the commodity price index dropped 0.4 percent, much slower than the 5.5 percent drop logged in the previous month.

In the local currency terms, commodity prices were down 0.9 percent on month after easing 2.3 percent a month ago. Annually, prices decreased 5.9 percent in December.

Global shipping costs lifted sharply during December as shipping companies raised rates to offset the cost of delays at ports. Dairy prices climbed 4.3 percent in December to finish the year just 1.2 percent down. Aluminium prices advanced 4.1 percent.

Meanwhile, the meat and fibre index fell 1.7 percent and the horticulture index eased slightly in December.

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