Sharp increases in the international price of logs and aluminium pushed the index which measures commodity price movements to a record last month.
The March ANZ Commodity Price Index rose 1.8% for the month, its 13th consecutive monthly increase, reaching 224.3 to eclipse the previous high of 223.5 reached in July 2008.
ANZ economist Steve Edwards said the price of seven commodities the bank measured rose for the month, and four slipped.
Leading the price rises was a 9.2% increase in log prices recorded during the month, up 50% on the low recorded in the middle of 2009, followed by a 7.7% increase in aluminium prices.
Other commodities to rise in price during the month were beef (6.8%), lamb (4.2%), seafood (3.5%), sawn timber (4%) and wood pulp (2.6%).
Wool recorded the biggest decrease, down 3%, dairy and venison fell 1.2% and skins 0.9%.
A rise in the value of the New Zealand dollar relative to our trading partners meant when those export prices were measured in New Zealand dollars, the NZD Commodity Price Index rose only 0.4% for March.
"Nevertheless, this was just enough to push the NZD Commodity Price Index to a new high of 166.5 last month, marginally ahead of the previous high of 166.4 set in August 2008."
