New Zealand - ANZ Commodity Price index for October +2.1% m/m (prior +1.5%)

ANZ's indicator of price trends for New Zealand's 17 main commodity exports

Up 2.1% to a fresh record high.

In local currency terms:

• +1.7% (NZD-TWI firmed against the euro and the yen)

ANZ's report discusses movements in various NZ export commodities, but more generally speaks about supply chains:

Global shipping costs remain elevated but prices are showing some indications of stabilising.

• Two leading cost indicators, the Harper Peterson World Container Index and the Shanghai China Containerised Freight Index, finished October at a similar level to the start of the month, while the more volatile Baltic Dry Index fell 32% during the month.
• But locally we are yet to see any drop in prices as firms continue to increase freight charges.
• Freight disruption challenges are expected to continue well into 2022 - contributing to our forecast that NZ inflation will peak just under 6% in Q1.