Prices down

New Zealand commodity prices fell in January, extending their 12-month slide to about 19 per cent, led by casein, wool, beef and aluminium. The ANZ Commodity Price Index fell 0.9 per cent in January, the 11th straight decline. In New Zealand dollar terms, the NZD ANZ Commodity Price Index fell 1.2 per cent in January. The NZD index uses monthly averages for the kiwi, and the measure for January did not fully reflect the currency’s sharp decline in the second half. Wool prices fell 6 per cent in January, which ANZ economist Con Williams said reflected weaker demand in Europe and China combined with a seasonal increase in supply. Beef extended its decline from a record high, falling 3 per cent.