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

 


NZ June food prices rise as winter drives up cost of veges

NZ food prices rise in June as winter drives up cost of veges

By Paul McBeth

July 11 (BusinessDesk) - New Zealand food prices rose in June as the onset of winter brought on higher prices for out-of-season vegetables.

The food price index rose 1.4 percent in June, the fastest monthly pace since the same month a year earlier, and up from 0.6 percent in May, according to Statistics New Zealand. On an annual basis, food prices rose 1.2 percent, lower than the 1.8 percent annual increase in May, and are at their highest level since peaking in July 2011.

The monthly increase was underpinned by an 8.9 percent rise in the price of vegetables, driven by seasonally higher prices of tomatoes, lettuce and cucumbers, and a 9.9 percent rise in poultry prices, on reduced discounting, Statistics NZ said.

The annual gain was driven by an 11 percent rise in the price of fresh milk to a record high, and a 2.8 percent increase in the price of meat, poultry and fish. Fruit and vegetable prices were down 2.3 percent on an annual basis on cheaper avocadoes and bananas.

The food price index is the final component for economists to evaluate the pace of inflation ahead of next week's second-quarter consumers price index data, which is expected to show an annual increase of about 1.8 percent. Food prices are given a weighting of about 19 percent by Statistics NZ when assessing broader CPI.

Today's figures show grocery food prices, which make up about 38 percent of all spending on food, rose 0.5 percent in June, and were up 1.3 percent on an annual basis. Non-alcoholic beverage prices fell 1 percent in June, and were up 0.5 percent on the year, while restaurant meals and ready-to-eat food prices edged up 0.2 percent in June and an annual 2 percent.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

NASA, NOAA: Find 2014 Warmest Year In Modern Record

Since 1880, Earth’s average surface temperature has warmed by about 1.4 degrees Fahrenheit (0.8 degrees Celsius), a trend that is largely driven by the increase in carbon dioxide and other human emissions into the planet’s atmosphere. The majority of that warming has occurred in the past three decades. More>>

ALSO:

Scoop Business: New Zealand’s Reserve Bank Named Central Bank Of The Year

The Reserve Bank of New Zealand’s efforts to stifle house price inflation by using new policy tools has seen the institution named Central Bank of the year by Central Banking Publications, a publisher specialising in global central banking practice. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

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