NZ: World Commodity Price Index jumps 2.1% in January - ANZ

New Zealand’s ANZ World Commodity Price Index started the year strongly with a 2.1% m/m lift, arresting the downward trend present throughout the second half of 2018, notes the research team at ANZ.

Key Quotes

“Dairy was the main driver behind the lift in the index, with meat also making a substantive contribution. The NZD index lifted further, up 2.9% m/m in January.”

“The NZ dollar retraced 1.4% in trade-weighted terms in January. In local currency terms the ANZ Commodity Price Index has increased 3.8% y/y.”