Dairy product prices fell to the lowest level since January 2013 in the latest GlobalDairyTrade auction, paced by a drop in butter and anhydrous milk fat.

New Zealand business confidence slid this month and rising interest rates have been fingered as the culprit.

India will offload about a quarter of its rice stockpiles and ease restrictions on selling fruit and veggies as a weak monsoon threatens crop output.

The economy probably accelerated in the first quarter, supporting the central bank's view that it must press on with interest rate increases to keep inflation at bay.

Food prices rose in May as a drop off in the price of meat, poultry and fish was offset by a 16pc gain in vegetables.

The value of primary exports will fall from unusually high levels over the 2014/15 year before recovering steadily in the following three years.

Weaker dairy prices have acted to drive the NZ dollar lower over the last few months, but currency strategists don't expect the kiwi to go into freefall.

Signs of normality returned to the dairy sector yesterday when Fonterra forecast a $7 a kg farmgate milk price for 2014-15.

New Zealand business confidence extended its slide from a record high to a third month, in the face of rising interest rates, declining dairy prices and a persistently high kiwi dollar.

Fonterra has set an opening milk price of $7.00 per kg of milksolids for the 2014/15 season and revised down its forecast for the current season.

Dairy farmers can expect to see a drop in the milk price to around $7 a kg of milk solids .

The acquisition by French food giant Danone of two New Zealand dairy companies last month signals a new phase in the evolution of the local dairy industry.

New Zealand food prices rose in April, snapping two declines, as eggs and dairy products lifted grocery bills in the month.

Graeme Wheeler pointedly reminded us of his power to intervene if the kiwi dollar continues to climb while export commodity prices fall, writes Brian Fallow.

The kiwi dollar dropped half a cent after the Reserve Bank governor said the bank may sell the currency should it remain high while export prices weaken.

Westland Milk, the Hokitika-based dairy coop, has received accreditation to export products into China, joining the five manufacturers named yesterday.

The Reserve Bank has increased the Official Cash Rate by 25 basis points to 3 per cent this morning.

New Zealand food prices fell in March as cheaper cakes and candy drove a fall in grocery prices, and offset more expensive meat and produce.

The Middle East remains an untapped business opportunity for exporters as their focus is dominated by booming Asian markets such as China.

A substantially lower payout from Fonterra for 2014/15 looks likely after international dairy prices dropped sharply at yesterday's international dairy auction, economists said.

John Key says the EU has agreed to consider a free trade deal with New Zealand.

A new report discussing the potential to move toward a green economy says New Zealand should "carefully review its direction of development".