New Zealand commodity prices have rocketed by almost a third in the last year, with a major index hitting a record high in May.

ANZ's commodity price index rose 2.5% to a record high in May - the 14th consecutive rise.

The rise was mainly driven by a 4% increase in dairy prices, up by nearly two-thirds from a year earlier.

Prices for skins climbed 12%  and kiwifruit rose 11%.

Wood pulp was up 6%, wool was up 5%, lamb rose 3% while venison and log prices also climbed.

But apple prices were down 6%, beef was down 3%, and sawn timber fell 2%.