According to the latest research from ANZ Bank, the price of New Zealand dairy products has fallen 43% year-on-year from last November.
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The bank said dairy prices tumbled for a third consecutive month last month, dropping 13% over the four-week period.
At the end of November, dairy giant Fonterra said that it sees slowing global economies and declining consumer confidence reducing demand for dairy goods through to the end of its fiscal year in mid-2009.
The cooperative cut its forecast payout to its 10,200 farmer-owners by NZ$0.60 (US$0.32) to NZ$6 per kilogram of milk solids, stating that prices of internationally traded butter, milk and cheese have fallen by about 42% from a year ago.
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By GlobalData
