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New Zealand commodity prices rise in October

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Prices for New Zealand's main commodities rose in October due to rebounding dairy prices, ANZ Bank's commodity price index showed on Tuesday.

[WELLINGTON] Prices for New Zealand's main commodities rose in October due to rebounding dairy prices, ANZ Bank's commodity price index showed on Tuesday.

The index rose 6.9 per cent for the month, its second monthly increase in a row, compared with a 5.5 per cent gain in the previous month.

On an annual basis the index was 11.8 per cent lower, compared with a 18.2 per cent fall the month before.

Dairy products, the country's biggest export earner, were up 17.9 per cent. Non-dairy prices fell 2.2 per cent as the strength in the New Zealand dollar caused local prices to fall.

In New Zealand dollar terms the index was up 2.9 per cent on the previous month, to be 3.4 per cent higher than a year ago.

REUTERS