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

 


Food prices fall 1.0 percent in February

Food prices fall 1.0 percent in February

13 March 2014


Food prices fell 1.0 percent in February 2014, but were up 0.2 percent on a year earlier, Statistics New Zealand said today.

"Boxed chocolates were cheaper in the lead-up to Valentine's Day," prices manager Chris Pike said. "February also saw seasonally cheaper fruit and vegetables and cheaper beef and lamb."

The seasonal fall in fruit and vegetable prices (down 5.9 percent) was influenced by price falls for both vegetables (down 6.5 percent) and fruit (down 5.1 percent). The main downward contributions came from apples and tomatoes.

Meat, poultry, and fish prices fell 1.9 percent, reflecting lower prices for beef (down 4.6 percent) and lamb (down 9.0 percent). Restaurant meals and ready-to-eat food (down 0.2 percent) also fell.

Non-alcoholic beverage prices rose 0.7 percent, influenced by less discounting on soft drinks (up 2.3 percent).

Grocery food prices (up 0.1 percent) rose slightly. Snack foods and sauces recorded higher prices, while chocolate prices fell. The price of boxed chocolates (down 21 percent) falls every February, when Valentine's Day occurs.

Annual change in prices

In the year to February 2014, the food price index (FPI) increased 0.2 percent.

Prices increased for grocery food (up 1.0 percent), restaurant meals and ready-to-eat food (up 1.6 percent), and non-alcoholic beverages (up 1.7 percent).

For grocery food, prices for milk, cheese, and eggs (up 5.7 percent) made the main upward contribution. Lower prices for bread and cereals (down 2.1 percent), and confectionery, nuts, and snacks (down 1.9 percent) partly countered this increase.

The price increase for non-alcoholic beverages was largely influenced by soft drink prices (up 2.6 percent).

In the year to February 2014, fruit and vegetable prices decreased 5.6 percent, influenced by lower prices for apples, lettuce, tomatoes, avocados, and cucumber.

The FPI measures the rate of price change of food and food services purchased by households. Statistics NZ visits shops across New Zealand to collect prices for the FPI and check package sizes.

For more information about these statistics:
• Visit Food Price Index: February 2014

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Must Sell 20 Petrol Stations: Z Cleared To Buy Caltex Assets

Z Energy is allowed to buy the Caltex and Challenge! petrol station chains but must sell 19 of its retail sites and one truck-stop, the Commerce Commission has ruled in a split decision that acknowledges possible retail price coordination between fuel retailers occurs in some regions. More>>

ALSO:

Huntly: Genesis Extends Life Of Coal-Fuelled Power Station To 2022

Genesis Energy will keep its two coal and gas-fired units at Huntly Power Station operating until 2022, having previously said they'd be closed by 2018, after wringing a high price from other electricity generators who wanted to keep them as back-up. More>>

ALSO:

Dammed If You Do: Ruataniwha Irrigation Scheme Hits Farmer Uptake Targets

Enough Hawke's Bay farmers have signed up for water from the proposed Ruataniwha Water Storage Scheme for it to go ahead as long as a cornerstone institutional capital investor can be found to back it, its regional council promoter announced. More>>

ALSO:

Reserve Bank: OCR Stays At 2.25%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2.25 percent, in a decision traders had said could go either way, while predicting inflation will pick up as the slump in oil prices washes out of the data and capacity pressures start to build in the economy. More>>

ALSO:

Export Values Down: NZ Posts Biggest Annual Trade Deficit In 7 Years

New Zealand has recorded its biggest annual trade deficit since April 2009, reflecting weaker prices of agricultural commodities such as dairy products, beef and lamb, and increased imports of vehicles and machinery. More>>

ALSO:

Currency Events: NZ's New $5 Note Wins International Banknote Award

New Zealand’s new Brighter Money $5 note has been named Banknote of the Year in a prestigious international competition. The $5 note was awarded the IBNS Banknote of the Year title at the International Bank Note Society’s annual meeting. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news