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

 

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Gordon Campbell: On The Australians Scoring Trade Points Against Us With The Chinese

It hasn’t been a great year for Trade Minister Tim Groser... To top it off, Australia has just signed a FTA with China that has far better provisions on dairy exports than what New Zealand currently enjoys in our own FTA with China. More>>

ALSO:

Iwi & Local Consultation: Oil And Gas Block Offer 2015 Begins

Energy and Resources Minister Simon Bridges today announced the start of the Block Offer 2015 process for awarding oil and gas exploration permits. More>>

Get More From Scoop

 
 
Standards New Zealand

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