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

 


Food prices fall 0.7 percent in July

Food prices fall 0.7 percent in July

Media release

27 August 2014

Food prices fell 0.7 percent in the month of July 2014, Statistics New Zealand said today. This fall follows a 1.4 percent rise in June and a 0.6 percent rise in May.

"There were lower prices for meat in July as well as cheaper grocery food, fruit, and vegetables," prices manager Chris Pike said.

The fall in meat, poultry, and fish prices (down 2.2 percent) reflects lower prices for beef (down 4.4 percent), which fell from its highest recorded level in June 2014. Processed meat (down 2.8 percent) also fell, influenced by ham.

Grocery food prices fell 0.7 percent, influenced by lower prices for food additives and condiments (down 4.3 percent), mainly due to sauces. Lower prices were also recorded for breakfast cereals (down 6.3 percent) and some dairy products (influenced by yoghurt). Higher prices were recorded for bread (up 2.6 percent).

Fruit and vegetable prices fell 0.9 percent. Lower prices for tomatoes and avocados were partly offset by higher prices for bananas and capsicum. The price of bananas rose 16 percent after four consecutive monthly price falls.

Annual change in prices

In the year to July 2014, food prices decreased 0.1 percent. This follows an annual price increase of 1.2 percent in the year to June 2014.

The only subgroup that decreased in the year to July 2014 was fruit and vegetables (down 5.9 percent), with vegetables down 7.5 percent and fruit down 3.4 percent. Lower prices were recorded for lettuce, avocados, kumara, and tomatoes.

All other subgroups recorded increases. Restaurant meals and ready-to-eat food (up 2.2 percent), non-alcoholic beverages (up 1.5 percent), meat, poultry, and fish (up 0.5 percent), and grocery food (up 0.2 percent) all increased.

The food price index (FPI) measures the rate of price change of food and food services purchased by households. Statistics NZ has completed a review of the FPI as part of a wider, three-yearly consumers price index review. The review involved updating the basket of representative food items being tracked for the FPI, and reviewing the relative importance of food items in the basket.

The new relative importance of the FPI subgroups shows that about $37 of every $100 that households spend on food, is spent on grocery food. About $23 is spent on restaurant meals and ready-to-eat food, and about $16 is spent on meat, poultry, and fish. Fruit and vegetables account for $14, and the remaining $10 is spent on non-alcoholic beverages, such as packaged coffee, soft drinks, and juices.

Three items have been added to the FPI basket – prawns, packaged leaf salad, and breakfast food drinks. There were also changes to product specifications for chicken pieces and energy drinks, taking the number of items to 166.

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news