New Zealand commodity prices have fallen for the first time in 15 months according to the ANZ Commodity Price Index, and dairy is to blame.

Prices softened in June after record highs in May, dropping by more than 3%.

Skim milk led the way, falling 8.1% while Fonterra’s online auction globalDairyTrade, reported a decline in the average price for whole milk powder.

ANZ economist Steve Edwards says despite the drop the situation is still better than this time last year.

Apple and beef prices both fell by more than 5% in June, but venison bucked the trend, up 1.3%.