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Financial News: New Zealand Food Prices Advance 2.8% In January

New Zealand Food Prices Advance 2.8% In January

02/13/2017 - 19:20:00 (RTTNews)

(RTTNews) - Food prices in New Zealand jumped 2.8 percent on month in January, Statistics New Zealand said on Tuesday. Prices were up 0.9 percent on month after seasonal adjustment.

The rise in food prices is the highest monthly increase since June 2009. Fruit prices rose 12 percent with higher prices for apples.

"Apple prices usually rise in January months and are now at their highest level ever - with a kilo of apples at $5.04 compared with $3.60 last month, a rise of 40 percent," consumer prices senior manager Jason Attewell said. "Apples have been in short supply so far this year and this is reflected in higher prices."

Apple prices were $3.95 a kilo a year ago.

Vegetable prices rose 5.9 percent in January with seasonally higher prices for broccoli and carrots.

Higher food prices were seen across most food items in January 2017, with grocery food prices rising 2.4 percent due to higher chocolate and fresh milk prices. After seasonal adjustment, food prices rose 0.9 percent.

Food prices increased 1.4 percent in the year to January due to higher prices for vegetables, milk, and butter.

"Milk prices rose 5.8 percent in the year, from $3.29 a year ago to $3.47 for two liters of blue-top milk. Milk prices have had annual increases since October 2016," Attewell said.

Individually, fruit and vegetable prices rose 8.5 percent, while meat, poultry, and fish prices jumped 2.4 percent and grocery food prices advanced 2.4 percent.

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