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Financial News: New Zealand Food Prices Advance 0.6% In August

New Zealand Food Prices Advance 0.6% In August

09/12/2017 - 19:46:00 (RTTNews)

(RTTNews) - Food prices in New Zealand climbed an unadjusted 0.6 percent on month in August, Statistics New Zealand said on Wednesday - following the 0.2 percent decline in July.

Fruit and vegetable prices rose 3.3 percent on month, while meat, poultry, and fish prices fell 0.2 percent.

Grocery food prices rose 0.3 percent, while non-alcoholic beverage prices fell 1.2 percent and restaurant meals and ready-to-eat food prices added 0.4 percent.

"We have seen butter prices rising lately due to New Zealand's export driven market," consumers price index manager Matthew Haigh said. "Butter prices have experienced all-time highs in the global market, and this also drives the price here at home."

Seasonally adjusted, food prices were up 0.2 percent on month in August.

On a yearly basis, food prices gained 2.3 percent after rising 3.0 percent in the previous month.

Fruit and vegetable prices increased 5.5 percent on year, while meat, poultry, and fish prices increased 0.6 percent.

Grocery food prices jumped 2.8 percent on year, while non-alcoholic beverage prices fell 1.4 percent and restaurant meals and ready-to-eat food prices gained 2.3 percent.

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