Global Economic News

New Zealand Food Prices Climb 0.5% In June

Food prices in New Zealand advanced 0.5 percent on month in June, Statistics New Zealand said on Monday, following the 0.4 percent gain in May.

The meat, poultry, and fish and grocery subgroups both fell this month, influenced by lower prices for chicken (down 7.1 percent) and fresh milk (down 2.6 percent).

Chicken prices are at their lowest level since May 2014, the bureau noted.

"Higher food prices in June were influenced by seasonally higher prices for fresh fruit and vegetables," consumers price index delivery manager Matt Haigh said. "However, food prices fell 0.8 percent this month after adjusting for seasonal increases for items such as tomatoes and lettuce."

On a yearly basis, food prices eased 0.1 percent after rising 0.8 percent in the previous month.

Individually, fruit and vegetable prices increased 1.8 percent, while meat, poultry, and fish prices fell 1.9 percent.

Grocery food prices fell 2.1 percent on year, influenced by lower prices for fresh milk and bread. Prices for meat, poultry, and fish also decreased - down 1.9 percent from June 2014.

"The average price for 2 liters of blue-top milk was $3.36 in June, down 9.4 percent from its peak in November 2014," Haigh said. "The price of fresh milk is the lowest it's been since August 2013, when 2 liters of blue-top cost NZ$3.17."

Prices increased for: restaurant meals and ready-to-eat food (up 1.9 percent); non-alcoholic beverages (up 4.1 percent); and fruit (up 5.3 percent).

by RTTNews Staff Writer

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