The ANZ commodity price index has recorded a third successive monthly decline, dropping 1.2% in August.
The cumulative decrease over the past three months has been 2.5%, yet the index remains at historically high levels.
Five commodities recorded a lift in prices in August, with twice as many recording a decrease, representing the broadest range of commodities to register a decline since August last year.
Milk powder, logs and aluminium led the declines, each falling 6%, while the price of wool, butter and skins dropped 4%.
Lamb prices eased 2%, with the price of cheese and sawn timber slipping 1%.
The price of milk powders has steadily dropped over the past few months. In aggregate, prices have decreased 16% since peaking in March.
The price of whole milk powder has fallen 18% and skim-milk powder prices have eased 8%. Log and aluminium prices have fallen 11% since their respective peaks in May and April.
Rises were recorded in the price of fruit, supported by modest gains in the price of beef, seafood and venison.
International seafood prices have recovered from the commodity price bust, following the global financial crisis. But the stronger exchange rate has dampened the lift in prices when converted to New Zealand dollars.
It appeared the industry was benefiting from a lift in worldwide demand for seafood, ANZ economist Steve Edwards said.
New Zealand's aquaculture sector (farming of fish and shellfish) was the country's fastest growing seafood sector.
Aquaculture accounted for nearly 25% of New Zealand's seafood exports by revenue and was spread across the cultivation of mussels, salmon, Pacific oysters and paua.
The United Nations Food and Agriculture Organisation predicted the world's seafood consumption would rise 35% within 10 years, with aquaculture increasingly used to meet the surge in demand.
New Zealand's contribution to global aquaculture was only about 0.02% of sales by weight, thus providing the country with a "huge opportunity" to tap into the anticipated increase in demand.
