Commodity prices have taken another dive, with falls in dairy prices leading the way.
The ANZ Commodity Price Index dropped 4.7 percent in May, with commodities 18 percent lower when compared to the same month last year.
Dairy product prices dropped 8.2 percent in May from April.
When compared to May last year, dairy prices were 36 percent lower.
ANZ said declining prices would put pressure on cash flows and expenditure in the dairy sector, which would weigh on this year's economic activity.