The ANZ Commodity Price Index lifted 2.1% (m/m) in June (+25% y/y). The continued surge in milkfat and sheepmeat prices led the charge, but there were declines for wool, wholemilk powder, casein, apples and aluminium. Overall dairy prices nudged up 2.9% in June (+49% y/y) and non-dairy prices increased 1.7% (+10% y/y). The NZD index slipped 1.6% m/m due to the stronger NZD, but this needs to be kept in perspective with local returns up 20% y/y.