Commodities

ANZ commodity index rises in September as oil surge lifts other goods

The ANZ commodity index rose 0.6% in September, as an oil-price surge tied to the Middle East conflict lifted milk powder and aluminium.

Combined with a weaker New Zealand dollar, that lifts exporters' returns in local currency and improves the terms of trade, though higher import and freight costs add to domestic inflation.

For beginners Oil is a cost component in many goods — from fertilizer to shipping — so a jump in its price often pulls a wide range of commodities higher with it.