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

 

Fisheries: Report On Underrsize Snapper Catch

The report found that commercial fishers caught 144 tonnes of undersized snapper in the Snapper 1 area – about 3% of the total commercial catch – in the year ending February 2015. The area stretches from the top of the North Island to the Bay of Plenty and is one of New Zealand’s most important fisheries. More>>

ALSO:

Tourism: China Southern Airlines To Fly To Christchurch

China Southern Airlines, in partnership with Christchurch Airport and the South Island tourism industry, has announced today it will begin flying directly between Guangzhou, Mainland China and the South Island. More>>

ALSO:

Dodgy: Truck Shops Come Under Scrutiny

Mobile traders, or truck shops, target poorer communities, particularly in Auckland, with non-compliant contracts, steep prices and often lower-quality goods than can be bought at ordinary shops, a Commerce Commission investigation has found. More>>

ALSO:

Auckland Transport: Government, Council Agree On Funding Approach

The government and Auckland Council have reached a detente over transport funding, establishing a one-year, collaborative timetable for decisions on funding for the city's transport infrastructure growth in the next 30 years after the government refused to fund the $2 billion of short and medium-term plans outlined in Auckland's draft Unitary Plan. More>>

ALSO:

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news