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

 


NZ food prices fall for third month on cheaper veges

NZ food prices fall for third month on cheaper veges, milk gets more expensive

Jan. 15 (BusinessDesk) - New Zealand food prices fell for a third month due to cheaper vegetables which were in season, though more expensive milk pushed up prices over the year.

The food price index slipped 0.1 percent in December, adding to the 0.2 percent and 1 percent declines in the prior two months, according to Statistics New Zealand. On an annual basis, food prices were up 1.5 percent, accelerating from a 1.4 percent annual increase in November.

The monthly decline was led by a 3.7 percent fall in the price of vegetables, with cheaper lettuces, broccoli and cabbages, and were down 1.3 percent on the year.

Fresh milk prices rose 2.7 percent in December, and were up 9.4 percent on the year. More expensive dairy products were the main driver of the annual increase in food prices, with yoghurt up 10 percent, cheese up 7.7 percent and other milk products up 10 percent.

Last month the Reserve Bank gave a stronger signal in its monetary policy statement that interest rates will rise this year, noting that inflationary pressures are “projected to increase.” Food prices make up almost 19 percent of the consumer price index, and the December CPI is scheduled for release next week.

Grocery food prices were flat in December, though up 2 percent in the year. Meat, poultry and fish prices rose a monthly 0.8 percent and an annual 1.6 percent.

Non-alcoholic drink prices fell 2.1 percent in December, for an annual increase of 3 percent, and restaurant meals and read-to-eat foods prices increased a monthly 0.5 percent and an annual 1.9 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

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:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

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