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

 

NZ food prices rise 0.2% in June

NZ food prices rise 0.2% in June as minimum wage increase pushes up takeaway costs

By Tina Morrison

July 12 (BusinessDesk) - New Zealand food prices rose in June, led by higher costs for takeover foods and restaurant meals following an increase in the minimum wage.

Statistics New Zealand said food prices rose 0.2 percent in June from a year earlier. Prices for restaurant meals and ready-to-eat food increased 3 percent, led by lunch meals, up 3.8 percent, along with a wide range of takeaway food options, the statistics agency said.

“April’s 75 cent increase in the minimum wage, to $16.50 an hour, may have contributed to price increases for these items,” Stats NZ prices manager Matthew Haigh said. “Of every $100 that Kiwi households spend on food, about $26 goes on takeaways and eating out.”

Bendsucking the trend, meat and poultry prices slipped 1.6 percent, influenced by cheaper prices for chicken which were down 8.5 percent. Chicken breast prices fell 14 percent to $12.28 a kilo, the statistics agency said.

Food prices increased 0.5 percent in June from May, influenced by seasonally higher vegetable prices, which advanced 11 percent. The rise was led by cucumber up 88 percent, lettuce up 48 percent, and capsicum up 32 percent, Stats NZ said.

Meanwhile, grocery prices fell 0.8 percent in June, with lower prices for dairy products, including yoghurt which was down 9 percent; cheese, down 4.2 percent; and butter, down 6.9 percent. The average price for a six-pack of 150-gram yoghurt was $4.40 in June, down from $4.83 in May, Stats NZ said.

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

 

Brands Sale To RJ's: Nestle Job Losses “A Bolt From The Blue”

E tū has about 200 members at the plant, where up to 55 workers could lose their jobs... Well-known Kiwi brands affected by the sale include Mackintosh’s, Heards, Black Knight liquorice, Life Savers and Oddfellows. More>>

ALSO:

'Sanctuaries': New Seabed Mining Project Threatens Endangered Species

Greenpeace is shocked to discover that a new seabed mining exploration permit has been awarded inside a Marine Mammal Sanctuary, and is calling on the Government to reject all attempts to mine the seabed. More>>

ALSO:

RMA, Building Offences: Record Sentence For Property Developer

The unprecedented sentence handed down to a property developer in the Auckland District Court is a strong warning to others who would consider this type of offending. More>>

Other Real Estate Crimes:

Tourism: Guest Nights Up 1.6 Percent In May

Over 2.5 million nights were spent in commercial accommodation in May 2018, Stats NZ said today. This number is up 1.6 percent from May 2017. More>>

ALSO: