Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Cheaper spring produce helps food prices fall in October

Cheaper spring produce helps food prices fall in October

Nov 13 (BusinessDesk) - Food prices fell by 0.6 percent in the month of October, spurred by seasonally adjusted falls in the price of tomatoes, lettuces and capsicums, and helped by a 0.5 percent drop in the cost of takeaway and restaurant meals.

The Statistics New Zealand Food Price Index showed a 0.3 percent rise to the 12 months to October.

During the October month, grocery prices somewhat offset the falls in fresh produce prices, which were down 5.5 percent from the month before. Soft drinks, plain biscuits, and sweets were among grocery items which gained significnatly in price, although discounting wars on chocolate biscuits saw their price fall.

"Lower food prices in October mainly reflected cheaper vegetables," prices manager Chris Pike said. "Tomato, lettuce, capsicum, and broccoli prices all fell, as they usually do at this time of year," with tomatoes down 32 percent on a seasonally adjusted basis.

The 0.3 percent rise in food prices for the to October follows five consecutive annual decreases and showed the opposite trend to the monthly figures, with fresh produce and meals away from home among the contributors to the overall increase during the year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Quake Insurance: Reforms To EQC Act Announced

· Increasing the monetary cap from $100,000 (plus GST) to $150,000 (plus GST) for EQC building cover.
· Clarifying EQC land cover is for natural disaster damage that directly affects the insured residence or access to it... More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged At 1.75 Percent

Global economic growth has increased and become more broad-based. However, major challenges remain with on-going surplus capacity and extensive political uncertainty... More>>

Kaikōura Earthquake: Private Insurers Receive $1.8b Claims

Insurance Council Chief Executive Tim Grafton said most is for commercial loss at $1.36 billion, with residential claims amounting to over $460 million. “...We have a high level of confidence that most people will have received settlement offers by the end of this year." More>>

ALSO:

Forms And Data: New Proposals To Simplify Personal Income Tax

The Government is proposing to make tax simpler for individuals, with people whose only income is from a salary, wages or investments no longer being required to file tax returns to receive tax refunds or to calculate any additional tax. More>>

OECD: NZ Economic Expansion Faces Long Term Challenges

The OECD Economic Survey of New Zealand discusses the gap between the strong short-term outlook and long-term challenges posed by low productivity growth and a changing labour market. More>>

ALSO:

GDP: