---Earlier:New Zealand commodity prices posted their sharpest monthly fall in nearly four years in July, led by a seasonal slide in dairy. The index fell 3.9% month on month, the largest fall since November 2022, though it remains up a modest 0.5% on a year earlier. Whole milk powder prices fell 5.3% during the month, with strong global supplies weighing on prices as had been anticipated. The meat and fibre index also weakened, falling 3.0% month on month for its first monthly decline since May 2025. Elevated shipping rates were also cited as an additional downward pressure on commodity prices.