Sweet spot for cakes and biscuits sends food prices down
10 July 2019
Food prices fell 0.7 percent in June, partly driven by lower prices for cakes and biscuits, Stats NZ said today.
“A number of specials on biscuits sent June prices crumbling,” consumer prices manager Gael Price said.
“In particular, plain biscuits, such as arrowroot, ginger, malt, and wine, fell 14 percent to $1.92 per 250 grams.”
Overall, cake and biscuit prices fell 3.7 percent in June and decreased 1.7 percent in the year to June 2019.
In other good news for the sweet-toothed, honey prices decreased 15 percent in the year to June 2019. Clover honey prices hit a record-high average of $11.64 per 500g in August 2017, but have been steadily falling since then.
“Industry reports show honey volumes were up 35 percent in the 2017/18 season,” Ms Price said.
“That increase in supply drove prices down, a trend we see continuing in 2019.”
Also contributing to lower food prices in June 2019 were prices for yoghurt (down 9.1 percent), cheese (down 4.3 percent), and butter (down 1.9 percent). These drops were partly offset by higher prices for chocolate and eggs.
“Prices for dairy products have softened a bit compared with last month, when prices for all of them rose,” Ms Price said.
Fruit and vegetable prices fell 2.1 percent in June 2019, 8.8 percent lower than they were in June 2018.
Tomato prices decreased 17 percent in the year to June 2019.
“The average price for tomatoes was $5.28 per kilo in June. This is the lowest price they have been in a June month since our series began.,” Ms. Price said.
The price of a 200g avocado fell to $2.99 in June 2019, 31 percent cheaper than in June last year, and down from a record high of $5.73 in May. Avocado prices have returned to normal levels as the new season’s supply hit the market.
The price falls for tomatoes and avocados were offset by a price rise for cucumber. A 300g cucumber cost $3.96 in June 2019, 62 percent higher than in May, when it cost $2.44.
View a video summary of the food price index for June 2019 on the Stats NZ YouTube channel after 11am today.
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