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New Zealand's commodity prices declined for the second straight month in July, mainly driven by dairy prices, the results of a survey by ANZ showed Monday.

The ANZ commodity price index declined 3.2 percent month-over-month in July, well above the 0.9 percent drop in June.

Dairy prices alone fell 6.5 percent monthly in July. Among components, butter prices declined the most by 8.9 percent.

The meat and fibre index registered a fall of 1.1 percent, while aluminum prices showed a bigger contraction of 7.6 percent.

The NZD ANZ commodity price index dipped 3.1 percent from June, when it dropped by 1.0 percent.

On an annual basis, the NZD ANZ commodity price index rose 6.5 percent in July, following a 7.5 percent increase in the preceding month