Food prices down 0.1 percent in year to June

Food prices down 0.1 percent in year to June – Media release

In the year to June 2015, food prices decreased 0.1 percent, Statistics New Zealand said today. This drop follows eight consecutive food price increases since the year to October 2014.

Grocery food prices decreased 2.1 percent over the year, influenced by lower prices for fresh milk and bread. Prices for meat, poultry, and fish also decreased – down 1.9 percent from June 2014.

"The average price for 2 litres of blue-top milk was $3.36 in June, down 9.4 percent from its peak in November 2014," consumers price index delivery manager Matt Haigh said. "The price of fresh milk is the lowest it's been since August 2013, when 2 litres of blue-top cost $3.17."

Prices increased for:
• restaurant meals and ready-to-eat food (up 1.9 percent).
• non-alcoholic beverages (up 4.1 percent).
• fruit (up 5.3 percent).

Seasonal increases push monthly food prices up

In June 2015, food prices rose 0.5 percent. This follows a 0.4 percent rise in May.

“Higher food prices in June were influenced by seasonally higher prices for fresh fruit and vegetables,” Mr Haigh said. "However, food prices fell 0.8 percent this month after adjusting for seasonal increases for items such as tomatoes and lettuce."

The meat, poultry, and fish and grocery subgroups both fell this month, influenced by lower prices for chicken (down 7.1 percent) and fresh milk (down 2.6 percent). Chicken prices are at their lowest level since May 2014.

ENDS

© Scoop Media