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

 

Deutsche Bank - NZ Food Price Index - October 1999

Deutsche Bank - NZ Food Price Index - October 1999

Data Flash (New Zealand)
NZ Food Price Index - October 1999

Key Points

The food price index (FPI) comprises 18% of the CPI regimen and is very volatile on a monthly basis. The food price index fell 0.6% mom in October, following a 0.3% mom increase in September. Food prices are now 1.2% lower than they were in October 1998.

The most significant contribution to the decrease in the October index came from the fruit & vegetable subgroup (-4.6%). Other subgroups contributing to the decline included meat fish & poultry (- 0.4%) and grocery foods::::: (-0.1%). Food prices excluding the volatile fresh fruit and vegetable components were flat for the month (+0.5% yoy).

:::::::::::::::Food Price:::::::::::::Fruit &
::::::::::::::: Index::::::::::::::: Vegetable
::::::::::::::::::::::::::::::::::::::::Index
:::::::::: mom. %:::::ann. %::::: mom. %:::::ann. %

May-99::::: -0.4::::: 2.4::::: -1.3::::: 6.3

Jun-99::::: -0.7::::: 1.4::::: -6.3::::: 0.4

Jul-66::::: 0.5::::: 1.1::::: -1.8::::: -7.3 Aug-99::::: -0.6::::: -0.6::::: -3.0::::: -11.0

Sep-99::::: 0.3::::: -0.3::::: -1.4::::: -11.2

Oct-99::::: -0.6::::: -1.2::::: -6.6::::: -15.9

Source: DB Global Markets Research, Statistics NZ

Comment

The 0.6% mom decline in food prices in October was considerably below market expectations for a 0.4% mom increase. However, the movements in a number of food prices are very volatile on a monthly basis, largely reflecting the availability of fruit & vegetables and grocery items moving on and off "special". Despite the weaker than expected food price outturn for October, we expect CPI inflation to pick-up sharply over the December 1999 and March 2000 quarters. This spike in the CPI is projected to reflect the impact of recent petrol price increases and local authority rates, together with a rise in car prices on the back of a weaker cross rate against the Yen.:::::Our initial forecasts suggest a 1.0% qoq rise in CPI during the December quarter, taking the annual rate up to 2.3%, followed by a 0.6% increase in Q1/2000, which will take the annual increase to 2.7%.

ENDS

This, along with an extensive range of other publications, is available on our web site http://research.gm.db.com

In order to read our research you will require the Adobe Acrobat Reader which can be obtained from their website http://www.adobe.com for free.

For answers to your EMU questions, check Deutsche Bank's EMU web site http://www.db.com/emu or email our helpline business.emu@db.com.


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Serious Fraud Office: Commences Enquiries Into Allegations Of COVID-19 Wage Subsidy Fraud
The Serious Fraud Office has commenced a number of enquiries into alleged abuse of the Government’s COVID-19 Wage Subsidy. Director Julie Read said the allegations relate to multiple complex cases of potential fraud that have been referred to the agency following extensive investigations ... More>>



Environment: Preliminary Environmental Data On New Zealand’s Air Quality Released Today

The Ministry for the Environment and Stats NZ have published the Our air 2021: preliminary data release today. We are currently working to revise the Our air 2021 report to incorporate analysis of the World Health Organization (WHO) 2021 air quality guidelines that were released on 23 September 2021... More>>


Statistics: Food Prices Rise For Sixth Consecutive Month
Food prices rose 0.5 percent in September 2021 compared with August 2021, mainly influenced by higher prices for grocery food and meat, poultry, and fish, Stats NZ said today. September’s movement is the sixth consecutive monthly rise. After adjusting for seasonality, prices rose 0.9 percent... More>>



Reserve Bank: Robust Balance Sheets Yield Faster Economic Recovery

Stronger balance sheets for households, businesses, financial institutions and the government going into the pandemic contributed towards maintaining a sound financial system and yielding a faster economic recovery than following previous deep recessions... More>>


Transpower: Releases Independent Report Into Events Of August 9
Transpower’s Chief Executive Alison Andrew has today released an independent report into the grid emergency of August 9 when insufficient generation was available to meet demand, leading to some customers being disconnected... More>>

Bayleys: Latest Lockdown Adds Further Fuel To Industrial Property Market

The recent construction shutdown resulting from Auckland’s Covid 19’s lockdown restrictions has put additional pressure on an industrial property market that is already struggling to keep pace with demand... More>>