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ANZ Commodity Price Index - Churning undertow
The ANZ Commodity Price Index recorded its sixth consecutive monthly decline, falling 3.3 percent in August (-7.2% y/y). The latest monthly percentage decline is the second largest of the past six months and takes the index back to a 17-month low, 12 percent below the all-time peak measured six months earlier. Dairy prices were unambiguously weaker in August, with three dairy product prices recording a double-digit percentage falls. Whole milk powder prices led the decline, falling 15 percent from July. Skim milk powder prices posted a 13 percent fall and butter prices dropped 10 percent. Cheese prices fell 9 percent ... (full story)