The Great Divide: Why Surging Meat Prices Couldn't Save the NZD's Commodity Index

The latest ANZ Commodity Price Index for November 2025 painted a picture of deep divergence within New Zealand’s critical export sectors. The ANZ World Commodity Price Index fell by 1.6% month-on-month (m/m), marking a pivotal moment as the overall index is now 0.2% lower than a year ago—the first annual fall recorded since December 2023.