Wellington, Oct 4 NZPA - The ANZ commodity price index rose for the first time in four months in September, with a 2.9 percent increase which took it to less than 1 percent below its all time high recorded in May.

The largest lift in commodity prices last month was for wool, up 12 percent to hit a 14-year high.

"The lift in wool prices is likely to be attributable to higher prices for cotton (of which wool is a competing fibre) and renewed demand from Middle East and European markets, which has coincided with a run down in wool inventories globally," ANZ economist Steve Edwards said.

Milk powder prices lifted 6 percent in September; skins, seafood and butter prices rose 4 percent; beef, lamb and aluminium rose 3 percent; and cheese and casein prices lifted 2 percent.

Commodities showing price rises in September outnumbered by three to one those with lower prices.

Of the four commodities with lower prices, the largest fall was an 11 percent drop in apple prices, associated with the winding down of the northern hemisphere export season, Mr Edwards said.

Wood pulp prices dropped 5 percent, sawn timber prices eased 4 percent and log prices eased 2 percent.

Converted to New Zealand prices, the NZ dollar commodity price index lifted 1.2 percent, as the NZ dollar rose on a monthly average basis against the currencies of most trading partners, except Australia.