Average prices of dairy products posted their biggest decline since March in Fonterra Cooperative Group’s latest online auction, indicating commodity prices are easing from record highs, as global growth slows.

Fonterra dairy product prices fall 6.7%, led by skim milk powder.

The GDT-TWI Price Index fell 6.7% to US$4,017 a metric tonne. This follows a 2.6% drop in the mid-June sale.

Skim milk powder led the decline for the second sale in a row, falling 7.2% to US$3,704 a tone.

Whole milk powder declined 6.8% to US$3,638 a tonne.