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New Zealand Food Prices Fall 0.3% In March

By RTTNews Staff Writer   ✉   | Published:   | Follow Us On Google News
rttnewslogo20mar2024

Food prices in New Zealand dipped 0.3 percent on month (-0.4 percent seasonally adjusted) in March, Statistics New Zealand said on Thursday.

That follows the 0.2 percent increase (0.8 percent seasonally adjusted) in February.

Fruit and vegetable prices fell 3.0 percent on month, while meat, poultry, and fish prices rose 0.3 percent.

Grocery food prices rose 0.2 percent on month, while non-alcoholic beverage prices fell 0.4 percent and restaurant meals and ready-to-eat food prices rose 0.1 percent.

"Apple and carrot prices usually fall at this time of the year as we approach the colder months. One kilo of apples cost NZ$2.88 in March compared with NZ$4.40 in February and NZ$5.04 in January," consumer prices acting manager Nicola Growden said.

On a yearly basis, food prices were up 1.3 percent after rising 2.2 percent in the previous month.

Fruit and vegetable prices added 2.6 percent on year, while meat, poultry, and fish prices fell 1.5 percent.

Grocery food prices increased 2.2 percent on year, while non-alcoholic beverage prices fell 0.7 percent and restaurant meals and ready-to-eat food prices gained 2.1 percent.

Also on Thursday, the latest survey from Business NZ showed that the manufacturing sector in New Zealand picked up steam in March with a Performance of Manufacturing Index score of 57.8.

That's up sharply from 55.7 in February, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

The March reading also marks a 14-month high for the index.

Individually, a surge in production and new orders fueled the rally.

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