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New Zealand September Food Prices Dip 0.2%

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

Food prices in New Zealand eased a seasonally adjusted 0.2 percent on month in September, Statistics New Zealand said on Thursday.

That beat forecasts for a decline of 0.7 percent following the 1.2 percent increase in August.

Fruit and vegetable prices fell 5.1 percent on month, while meat, poultry, and fish prices slid 0.9 percent.

Grocery food prices showed no overall change, while non-alcoholic beverage prices fell 0.1 percent and restaurant meals and ready-to-eat food prices added 0.2 percent.

On a yearly basis, food prices added 0.1 percent after rising 0.5 percent in the previous month.

Fruit and vegetable prices climbed 1.7 percent on year, while meat, poultry, and fish prices fell 2.9 percent.

Grocery food prices fell 0.6 percent, while non-alcoholic beverage prices added 0.5 percent and restaurant meals and ready-to-eat food prices jumped 2.1 percent.

Chicken prices fell 0.9 percent for the month, and 11 percent on year. Prices have fallen on an annual basis for the last 16 months to reach their lowest level since October 2007.

"The generally falling prices for chicken in recent months are the result of expanded investment in farming operations by the New Zealand poultry industry," Poultry Industry Association executive director Michael Brooks said.

Also on Thursday, the latest survey from Business NZ showed that the manufacturing sector in New Zealand continued to expand in September, and at a faster pace with a PMI score of 57.7.

That's up from 55.2 in August, and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

Individually, production, finished stocks, new orders and deliveries were all firmly in expansion territory.

The employment sub-index bounced out of contraction with a score of 50.3.

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