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July food prices rise at fastest monthly pace since Jan 2010

NZ food prices rise at fastest monthly pace in July since January 2010

By Jason Krupp

Aug. 25 (BusinessDesk) - The price of food in New Zealand continued to rise in July with the index increasing at its fastest pace since January last year on the back of soaring fruits and vegetables prices.

The food price index rose 2% in the month, according to Statistics New Zealand, and follows a 1.4% gain in June and 0.5% increase in May. Four of the five subcategories saw prices increase in July, led by fruits and vegetable costs, up 8.9% in line with seasonal price hikes.

On annual basis, food prices rose 7.9%, outstripping the pace of consumer price inflation, which stood at 5.3% as of June, according to Reserve Bank figures. Statistics NZ said this is the sixth consecutive month in which the annual increase in food prices was higher than the preceding month.

The release came out at the same time as Statistics NZ’s quarterly retail trade survey, which showed the value of spending on at grocery stores and supermarkets rose 1.6% to $4.25 billion the three months ended June 30 on just a 0.2% increase in the volume of sales.

Meat, poultry, and fish rose 3.7%, grocery food rose 0.5%, restaurant meals and ready-to-eat-foods were unchanged, and nonalcoholic beverage prices fell 0.2%.

On an annual basis fruit and vegetable rose 15.9% in the 12 months ended July 31, non-alcoholic beverages rose 9%, grocery food rose 7.2%, meat, poultry and fish rose 6.8%, and restaurant meals and ready-to-eat foods rose 4.2%.

(BusinessDesk)

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