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

 

NZ food prices fall 0.5% in February

NZ food prices fall 0.5% in February on cheaper beef and chicken

By Rebecca Howard

March 13 (BusinessDesk) - New Zealand food prices fell 0.5 percent in February on cheaper beef, chicken and grocery food prices.

Beef prices fell 4.4 percent versus January, while chicken prices fell 3.4 percent, Statistics New Zealand said. The average price for cheapest available chicken breast was $12.83 a kilo, down from $13.94. Grocery food prices also fell 0.7 percent on the month, with lower prices for chocolate.

The statistics agency also said that fruit and vegetable prices fell 0.9 percent versus January after months of very high prices. However, it noted that despite the falls in fruit and vegetable prices this month, some vegetables, such as lettuce, broccoli, and cauliflower, had large price rises due to adverse weather conditions.

Lettuce prices rose 32 percent in the month to February 2018, the largest monthly rise for a February since 2013.

“In recent weeks, a combination of humid weather and cyclone Gita have affected some crops,” consumer prices manager Geoffrey Wong said. “As this occurred towards the end of February, we may continue to see higher prices in March.”

After seasonal adjustments, monthly food prices were unchanged.

On the year, a decline in fruit and vegetable prices offset increases in all other food groups, with an overall annual increase in food prices of 0.1 percent.

It was around this time last year that we were seeing the effects of a poor summer season,” consumer prices manager Geoffrey Wong said.

Vegetable prices decreased 4.7 percent in the year, with lower prices for tomatoes, carrots, and onions. Apples were the leading contributor to the annual decrease in fruit prices, down 27 percent from the same time last year.

The food price index accounts for about 19 percent of the consumers price index, which is the Reserve Bank's mandated inflation target when setting interest rates.

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: 'Wellbeing Of NZers At The Heart Of Budget Priorities'

“We want a wellbeing focus to drive the decisions we make about Government policies and Budget initiatives. This means looking beyond traditional measures - such as GDP - to a wider set of indicators of success,” Grant Robertson said. More>>

ALSO:

Short Of 2017 Record: Insurers Pay $226m Over Extreme Weather

Insurers have spent more than $226 million this year helping customers recover from extreme weather, according to data from the Insurance Council of NZ (ICNZ). More>>

Environment Commissioner: Transparent Overseer Needed To Regulate Water Quality

Overseer was originally developed as a farm management tool to calculate nutrient loss but is increasingly being used by councils in regulation... “Confidence in Overseer can only be improved by opening up its workings to greater scrutiny.” More>>

ALSO:

Deal Now Reached: Air NZ Workers Vote To Strike

Last week union members voted overwhelmingly in favour of industrial action in response to the company’s low offer and requests for cuts to sick leave and overtime. More>>

ALSO: