The ANZ World Commodity Price Index gained 2.4% m/m in December, seeing it end the year down just 1.8% y/y. Dairy prices improved to drive the index higher, more than offsetting weaker aluminium prices. In New Zealand dollar terms, the index lifted 1.9% m/m as the NZ dollar gained 2.4% against the trade weighted index. {chart} Global shipping prices are once more trending higher, eroding exporters’ margins. The Baltic Dry Index, which tends to be the most volatile of the shipping indices, spiked to an 18-month high in early December, with this index doubling during 2023. Conflict in the Red Sea is adding to the cost ... (full story)