New Zealand Commodity Prices Slip 1.8% in July, Easing From June

New Zealand export commodity prices fell for a third consecutive month in July, albeit at a slower pace, according to ANZ Bank’s World Commodity Price Index. The gauge dropped 1.8% from June, easing from the 2.3% decline recorded the previous month. Dairy, meat and forestry products—New Zealand’s largest export earners—continued to face softer international demand, keeping overall prices under pressure. The index is closely watched as an indicator of future terms-of-trade movements and rural incomes, which feed into the Reserve Bank of New Zealand’s outlook for inflation and growth.