The ANZ World Commodity Price Index slid a further 3.2% in July following a 0.9% dip in June, but is still 3.1% above late-2017 levels and broadly flat on a year ago. Of the 17 commodities in the index, 12 fell, three were unchanged and two lifted. Of the six broad categories, only forestry prices rose - a star performer. NZD movements absorbed only a small part of the monthly decline, depreciating 0.1-0.2% m/m against all major trading partner currencies except the AUD, which was flat m/m. This saw the NZD index dip 3.1% m/m and annual growth shed 1%pt from June to 6.5% y/y in July.