New Zealand data - ANZ commodity prices for March: +4.6% (prior was +4.2, revised from +1.8%)

The February reading was revised due to calculation error in dairy component says ANZ

For March:

• Led by dairy after strong GDT auction results in February .... (but, note - last two auctions have seen all of this improvement unwound, not boding well for April)

• For the y/y , Commodity prices fall 11.9%
• After converting to NZD, prices rise 1.5% m/m and down 2.5% y/y