The ANZ Commodity Price Index rose 0.7% m/m in January, a welcome change in direction following a 3-month slide.1 The lift was broad-based with meat, dairy, forestry and aluminium prices all lifting; the only fall was seen in milkfat products. The NZD continued to squeeze higher against major trading partners in January (NZD TWI up 1.8% m/m), pushing the NZD commodity price index down 2.9% m/m. Only aluminium prices managed to increase in local currency terms.