New Zealand's main export commodity prices increased 1% month-on-month in March, following a 4.6% drop in February, reports said citing the latest Commodity Price Index from the ANZ Bank on Thursday.

The commodity prices increased for the first time in March, after declining for seven consecutive months. Annually, the commodity prices were down 31.4%.

The ANZ Bank said the monthly increase in commodity price was driven mainly by higher prices for wool, beef, lamb, dairy and aluminium in March.

In New Zealand dollars, the commodity prices slipped 3.4% on a monthly basis in March, and dropped 4% compared to a year ago.

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