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

 


Food prices up 0.6 percent in May


Food prices up 0.6 percent in May


13 June 2014

Food prices rose 0.6 percent in May 2014, Statistics New Zealand said today. This rise followed a 0.6 percent rise in April, and falls in March and February.

“Higher food prices in May were influenced by seasonally higher prices for fresh vegetables, particularly lettuce, tomatoes, and cucumbers,” prices manager Chris Pike said. “However, prices were lower for bananas and chicken.”

Vegetable prices rose 16 percent, while fruit prices fell 3.9 percent. Banana prices fell 14 percent to an average price of $2.33 per kilo – their lowest level since August 2011.

Prices for meat, poultry, and fish fell 1.5 percent, reflecting cheaper prices for most meats, including chicken, beef, and pork.

Grocery food prices barely changed, falling 0.1 percent. Lower prices for confectionery, nuts, and snacks (down 1.4 percent) were offset by price rises for milk, cheese, and eggs (up 1.7 percent) – including fresh milk (up 1.3 percent), which reached its highest-ever level in May 2014.

Annual change in prices

In the year to May 2014, food prices increased 1.8 percent, reflecting higher prices for all five subgroups. This is the third consecutive month that all five subgroups have shown an annual increase.

Prices increased for fruit and vegetables (up 5.6 percent), influenced by higher tomato, lettuce, and apple prices.

There were also higher prices for restaurant meals and ready-to-eat food (up 2.1 percent) and non-alcoholic beverages (up 2.7 percent) in the year.

Prices for grocery food were up 0.9 percent, reflecting increased prices for dairy products. Fresh milk (up 11 percent), cheese (up 8.1 percent), and butter (up 7.6 percent) prices all increased for the year.

There were lower prices for confectionery, nuts, and snacks (down 4.0 percent, influenced by lower chocolate prices) and bread and cereals (down 1.2 percent).

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: May 2014

ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Interest Rates: NZ Dollar Jumps After RBNZ Trims OCR

The New Zealand dollar jumped more than half a US cent after Reserve Bank governor Graeme Wheeler cut the official cash rate by a quarter-point and said the currency needs to be lower, while dropping a reference to criteria that justified intervention. More>>

ALSO:

Drones: New 'World-Class' Framework For UAVs

The rules, which come into effect on 1 August, recognise the changing environment and create a world-class framework that accommodates ongoing development while still ensuring the safety of the public, property and other airspace users. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news