3 Nov 2011

Commodity prices fall in October, says ANZ

4:58 am on 3 November 2011

Commodity prices fell for a fifth consecutive month in October, according ANZ's Commodity Price Index but the decline has been offset somewhat by a weaker New Zealand dollar.

The index fell 3% in October, mainly due to falls in dairy prices.

ANZ economist Steve Edwards says although commodity prices are back at levels seen at the start of this year, they are still above historical averages.

A weaker New Zealand dollar helped to offset the decline. When adjusted in dollar terms commodity prices fell 0.6% in October.