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

 


NZ food prices fall 1% in February on cheaper fruit, veges

NZ food prices fall in February on cheaper fruit, veges, dairy helps drive annual gain

By Suze Metherell

March 13 (BusinessDesk) – New Zealand food prices fell in February on a seasonal dip for fruit and vegetables, while more expensive dairy products underpinned an annual gain in prices.

The food price index slipped 1 percent in February following a 1.2 percent rise in January, according to Statistics New Zealand. In the year, food prices were up 0.2 percent, the smallest annual gain in nine months.

The monthly decline was led by a 6.5 percent drop in vegetable prices and a 5.1 percent reduction in fruit, as tomato and apple prices weakened. In the year fruit and vegetable prices decreased 5.6 percent as the cost of avocados, cucumbers and lettuce fell.

Fresh milk rose 0.3 percent in the month, and was up 6.9 percent in the year. Annual gains in milk, cheese and eggs of 5.7 percent made up the bulk of the yearly price increase with cheese up 6.9 percent and yoghurt rising 2.9 percent on the year.

In a long signalled move, the Reserve Bank increased the official cash rate by 25 basis points this morning, noting that “inflationary pressures are increasing”. Food prices make up almost 19 percent of the consumer price index, which rose 1.6 percent in the December quarter from a year earlier. The March CPI figures are scheduled for release next month.

A 9 percent drop in lamb influenced a 1.9 percent monthly slip in meat, poultry and fish prices, and an annual decline of 0.2 percent.

Grocery food prices rose 0.1 percent in the month, and 1 percent in the year, as more expensive snack food partly offset the annual Valentine’s induced drop in boxed chocolate prices, down 21 percent.

Non-alcoholic beverage prices rose 0.7 percent in February, for a 1.7 percent increase on the year. Restaurant meals and ready-to-eat food prices declined a monthly 0.2 percent with an annual gain of 1.6 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Govt Resisting Pressure To Pump More Cash Into Solid Energy

Prime Minister John Key says it is “not the government’s preferred option” to make a fresh capital injection into the troubled state-owned coal miner, Solid Energy, but dodged journalists’ questions at his weekly press conference on whether that might prove necessary... More>>

ALSO:

Lagest Ever Privacy Breach Award: NZCU Baywide Accepts “Severe” Censure In Cake Case

NZCU Baywide says that once it was found to have committed a breach of a former staff member’s privacy, it had attempted to resolve the matter... the censure and remedies for its actions taken almost three years ago are “severe” but accepted, and will hopefully draw a line under the matter. More>>

ALSO:

Scoop Business: PayPal Stops Processing Mega Payments; NZX Listing Still On

PayPal has ceased processing payments for Mega, the file storage and encryption firm looking to join the New Zealand stock market via a reverse listing of TRS Investments, amid claims it is not a legitimate cloud storage service. More>>

ALSO:

Housing Policy: Auckland Densification As Popular As Ebola, English Says

Finance Minister Bill English said calls by the Reserve Bank Governor for more densification in Auckland’s housing were “about as popular in parts of Auckland as Ebola” would be. More>>

ALSO:

Crown Accounts: NZ Government Deficit Smaller Than Expected In First Half

The New Zealand government's operating deficit was smaller than expected in the first six months of the financial year, as the consumption and corporate tax take rose ahead of forecast in December, having lagged estimates in previous months. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news