Global Economic News

New Zealand Food Prices Jump 1.3% In August

Food prices in New Zealand climbed 1.3 percent on month in August, Statistics New Zealand said on Tuesday.

Fruit and vegetable prices spurred the increase by climbing 5.8 percent on month.

Banana prices spiked 22 percent from July to NZ$3.51 per kilo. The previous peak was NZ$3.23 in March this year.

"Banana prices were at their highest since the series began in 1949, reflecting a supply shortage from Ecuador. Over the last three years, Ecuador has overtaken the Philippines as the main supplier of bananas to New Zealand," consumer prices manager Matt Haigh said.

Prices for grocery foods rose 0.7 percent, with higher prices for snack foods, cheese, and confectionery products. Cheese prices have rebounded with a 3.0 percent rise following a consistent drop in prices over the last three months.

Chicken prices fell 4.6 percent in August to their lowest level since August 2007. The average price for a kilo of chicken breast was NZ$14.12 compared with NZ$14.44 per kilo in July and NZ$15.73 a year ago.

Non-alcoholic beverage prices gained 1.8 percent, while restaurant meals and ready-to-eat food prices picked up 0.3 percent.

On a yearly basis, food prices picked up 0.5 percent.

Meat, poultry, and fish prices fell 0.2 percent on year, while grocery food prices shed 0.5 percent and non-alcoholic beverage prices were flat.

Fruit and vegetable prices rose 1.7 percent, while restaurant meals and ready-to-eat food prices gained 2.0 percent.

by RTTNews Staff Writer

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