The ANZ Bank's commodity price index rose 1.3 percent from September, lifting the index 5 percent from a 28-month low struck in July. The index rose 3.5 percent in September, after falling steadily for the past six months.

Twelve of 17 commodity groups rose in price, led by higher prices for wool, which rose 5 percent, and dairy products, notably cheese, butter and milk powder.

Declines were seen in prices of pelts and aluminium, which reversed a rise from the previous month, while prices for the remaining groups were flat.

The index was down 8.7 percent on the same month a year ago.

The strength of the trade weighted New Zealand dollar weighed on returns in NZ dollars, which rose 1.1 percent.

The index was down 12.5 percent from a year earlier.

ANZ's index includes commodities which make up around 60 percent of the agricultural economy's NZ$48 billion annual export earnings.