Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

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

 

NZ food prices ease as lettuce prices plunge

By Rebecca Howard

Oct. 11 (BusinessDesk) - New Zealand food prices eased in September, led by cheaper fruit and vegetables, including a 45 percent fall in lettuce prices.

Food prices eased 0.1 percent in September, but were up 0.3 percent after seasonal adjustment. Lettuce prices fell to an average $1.81 for a 500g head, from $3.26 in August and an all-time high of $5.42 in July when the weather had been poor, Statistics New Zealand said.

"Since then we’ve had two major price falls, which meant lettuce prices reached an unseasonably low level this September," consumer prices manager Geraldine Duoba said.

Vegetable prices fell 8.7 percent in September, influenced by lower prices for lettuce, tomatoes, and cucumbers. However, meat and poultry prices rose 2 percent, influenced by higher prices for beef and chicken. Restaurant meals and ready-to-eat food prices rose 0.2 percent.

Compared with a year earlier, food prices lifted 0.1 percent, driven by a 3.5 percent lift in ready-to-eat food prices and a 2.2 percent lift in milk, cheese and eggs. Declines in vegetable and fruit prices, down 8.9 percent and 3.6 percent respectively, helped keep overall food inflation low for the year, Stats NZ said.

The tepid lift in food prices will add to the view that inflation overall remains muted and monetary policy will continue to be stimulatory.

At its latest cash rate review, the Reserve Bank kept rates on hold at a record low 1.75 percent and reiterated that it could move to cut rates if the economy fails to fire.

(BusinessDesk)

ends

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.