Wool prices have led the charge in the latest ANZ Commodity Price Index, surging 12 per cent to a 14-year high.

Demand from Eastern Europe and the Middle East has been the main driver, along with global supply shortages.

ANZ Economist Steve Edwards says high cotton prices are also playing a part.

“It sort of reflects higher prices for cotton, of which wool is a competing fibre, along with boosts in demand from middle eastern markets.”

Dairy also performed strongly, jumping six per cent for the month on the back of solid annual results from Fonterra nearly a fortnight ago.

"We can’t look further out than a couple of months with the index, but if we factor elevated levels for wool and dairy prices, it’s looking pretty favourable in the short term for our index at least," Mr Edwards said.

Beef and lamb prices rose as well. Apple and timber were the only products to fall.