Commodity prices have climbed by almost a third in the last year, with a major index hitting a record high in May.
ANZ's commodity price index rose 2.5% to a record high in May, the 14th consecutive rise.
The rise was mainly driven by a 4% increase in dairy prices, but prices for skins, kiwifruit, wood pulp, wool, lamb, venison and logs also climbed.
Aluminum prices fell 11%, however, and apples, beef and sawn timber also recorded drops.
When converted into New Zealand dollars, prices rose 2.2% in the month to be 30% higher than at the same time last year.
ANZ economist Mark Smith strikes a note of caution, saying some commodity prices are showing signs of weakness.
