The ANZ commodity price index printed an increase for the thirteenth consecutive month in July, although the 4.7 percent rise paled in comparison to June?s metric of 6.2 percent.
The index was projected to advance by a modest 1.1 percent, excluding the effect of 7.8 percent monthly surge in world prices of dairy commodities. The price index for New Zealand?s seventeen main commodity exports advanced by 35 percent compared to the prior year, a new record for steepest annual rate of expansion.
The domestic economic calendar is bare during the next 24 hours, but quarterly data on New Zealand?s unemployment rate is eagerly awaited as a measure of the RBNZ?s future monetary policy rhetoric.
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[B]ANZ Commodity Price (JUL)[/B]
Actual: 4.7%
Previous: 6.2%
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