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Financial News: New Zealand Food Prices Add 0.2% In June

New Zealand Food Prices Add 0.2% In June

07/12/2017 - 19:45:00 (RTTNews)

(RTTNews) - Food prices in New Zealand were up an unadjusted 0.2 percent on month in June, Statistics New Zealand said on Thursday.

Seasonally adjusted, food prices slid 0.3 percent.

Fruit and vegetable prices fell 0.4 percent on month, while meat, poultry, and fish prices rose 1.0 percent. The average price for a 200g avocado was NZ$4.52 in June 2017, compared with NZ$3.38 in May 2017. "Avocado prices tend to peak in the winter before falling in spring as new fruit become available," consumer prices manager Matthew Haigh said. "Prices are back near the record level in June last year." A wet autumn pushed up vegetable prices to high levels in May.

"Fruit and vegetables prices eased off somewhat in June, from their highs in May," Haigh said. Lettuce and broccoli prices were down, but tomato and kumara prices continued to rise. Kumara prices were at their highest-ever level - $8.18 a kilogram."

On a yearly basis, food prices climbed 3.0 percent after rising 3.1 percent in the previous month.

Fruit and vegetable prices surged 9.3 percent, while meat, poultry, and fish prices gained 1.8 percent.

Vegetable prices increased 18 percent on year, led by higher prices for tomatoes, kumara, and lettuce. The average price for 1kg of tomatoes was NZ$8.69 in June 2017, compared with NZ$6.77 in June 2016. Tomatoes are typically more expensive in winter, often going above NZ$10 a kg.

Grocery food prices rose 2.1 percent on year, led by higher prices for dairy products. Butter prices in June surpassed last month's highest-ever level (NZ$4.80); a 500g block of the cheapest available butter cost NZ$5.05 in June, compared with NZ$3.38 a year earlier.

Spending on grocery food such as dairy, bread, and cereals, makes up around NZ$35 of every NZ$100 spent on food, compared with NZ$15 for fruit and vegetables.

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