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

 

NZ food prices fall in August

NZ food prices fall in August as good growing conditions lower the cost of broccoli

By Tina Morrison

Sept. 13 (BusinessDesk) - New Zealand's food prices fell in August as good growing conditions brought down the price of broccoli.

Statistics New Zealand said food prices dropped 0.5 percent in August, and were down 0.8 percent after seasonal adjustment. The average price of a 350g head of broccoli was $2.09 in August 2018, down 77 cents from July. It is also about one-third cheaper than a year ago when prices reached $3.09 per head in August 2017.

“Broccoli is grown all year round, but is typically cheapest in December, at about $1.50 a head,” Stats NZ prices manager Geraldine Duoba said. “The cool weather this winter provided ideal growing conditions for broccoli.”

Fruit and vegetable prices fell 2.1 percent in the month, influenced by lower prices for lettuce, broccoli, and cucumber. Grocery food prices, however, rose 0.5 percent, influenced by higher prices for snack foods, butter, and eggs.

Food prices decreased 0.1 percent in the year to August. Fruit and vegetable prices fell 6.5 percent, reflecting lower broccoli, potato, and cucumber prices. This fall more than offset a 2.9 percent increase in restaurant meals and ready-to-eat food prices, which have shown higher than average inflation after the minimum wage increase in April this year.

“Fruit and vegetable prices rose strongly last year due to wet weather, peaking in August 2017,” Duoba said. “This month prices are closer to those experienced two years ago, in August 2016.”

(BusinessDesk)

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Ground Rules: Government Moves To Protect Best Growing Land

“Continuing to grow food in the volumes and quality we have come to expect depends on the availability of land and the quality of the soil. Once productive land is built on, we can’t use it for food production, which is why we need to act now.” More>>

ALSO:

Royal Society: Calls For Overhaul Of Gene-Technology Regulations

An expert panel considering the implications of new technologies that allow much more controlled and precise ‘editing’ of genes, has concluded it’s time for an overhaul of the regulations and that there’s an urgent need for wide discussion and debate about gene editing... More>>

ALSO:

Retail: Card Spending Dips In July

Seasonally-adjusted electronic card spending dipped in July by 0.1 percent after being flat in June, according to Stats NZ. Economists had expected a 0.5 percent lift, according to the median in a Bloomberg poll. More>>

ALSO:

Product Stewardship: Govt Takes More Action To Reduce Waste

The Government is proposing a new way to deal with environmentally harmful products before they become waste, including plastic packing and bottles, as part of a wider plan to reduce the amount of rubbish ending up in landfills. More>>

ALSO:

Earnings Update: Fonterra Sees Up To $675m Loss On Writedowns

“While the Co-op’s FY19 underlying earnings range is within the current guidance of 10-15 cents per share, when you take into consideration these likely write-downs, we expect to make a reported loss of $590-675 million this year, which is a 37 to 42 cent loss per share." More>>

ALSO: