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

 


NZ food prices fall 0.2% in November; lamb leads meat lower

NZ food prices fall 0.2% in November; lamb leads meat lower, fruit, veges drop

Dec. 12 (BusinessDesk) – New Zealand food prices fell last month as lamb led a decline in meat and seasonal prices fell for fruit and vegetables. Food prices rose on an annual basis, suggesting inflation pressures may be emerging.

Food prices rose 0.2 percent in November from October and rose 1.4 percent from a year earlier, according to Statistics New Zealand. Prices have fallen or held unchanged in each of the past four months.

The figures come after the Reserve Bank today gave a stronger signal in its monetary policy statement that interest rates will rise next year, noting that inflationary pressures are “projected to increase.” Food prices make up almost 19 percent of the consumer price index.

Prices of meat, poultry and fish fell 2.1 percent last month, led by a 7 percent decline for lamb, a 4.2 percent decline for seafood as a group and a 3.2 percent drop for processed meats.

Fruit and vegetable prices fell 1.1 percent with weaker prices for tomatoes, strawberries and broccoli. Grocery foods were up 0.3 percent led by food additives and condiments, even as the price of bread slipped 2.8 percent. Non-alcoholic drinks rose 1.5 percent and restaurant and takeaway foods fell 0.2 percent.

In the year, grocery foods rose 1.8 percent, led by a 6.7 percent gain for fresh milk, a 12 percent jump for yoghurt and a 23 percent increase for butter. Cheese was up 5.4 percent. Bread rose 2 percent in the year.

Fruit and vegetable prices were down 0.4 percent in the year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Equity Crowd Funding Carries Risks, High Failure Rate

Equity crowd funding, which became legal in New Zealand this month, comes with a high risk of failure based on figures showing existing forays into social capital have a success rate of less than 50 percent, one new entrant says. More>>

ALSO:

Scoop Business: NZ Migration Rises To 11-Year High In March

The country gained a seasonally adjusted 3,800 net new migrants in March, the most since February 2003, said Statistics New Zealand. A net 400 people left for Australia in March, down from 600 in February, according to seasonally adjusted figures. More>>

ALSO:

Hugh Pavletich: New Zealand’s Bubble Economy Is Vulnerable

The recent Forbes e-edition article by Jesse Colombo assesses the New Zealand economy “ 12 Reasons Why New Zealand's Economic Bubble Will End In Disaster ”, seems to have created quite a stir, creating extensive media coverage in New Zealand. More>>

ALSO:

Thursday Market Close: Genesis Debut Sparks Energy Rally

New Zealand stock rose after shares in the partially privatised Genesis Energy soared as much as 18 percent in its debut listing on the NZX, buoying other listed energy companies in the process. Meridian Energy, MightyRiverPower, Contact Energy and TrustPower paced gains. More>>

ALSO:

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news