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Financial News: New Zealand Food Prices Fall 0.2% In September

New Zealand Food Prices Fall 0.2% In September

10/11/2017 - 18:46:00 (RTTNews)

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

That followed the 0.6 percent increase in August.

"Prices for dairy products including butter, fresh milk, cheese, and yogurt were all higher in the year to September," consumers price index manager Matthew Haigh said. "For every $100 spent on food, Kiwis spent about $10 on these dairy items."

Fruit and vegetable prices fell 4.9 percent on month, while meat, poultry, and fish prices fell 0.2 percent.

Grocery food prices gained 0.9 percent, while non-alcoholic beverage prices rose 2.3 percent and restaurant meals and ready-to-eat food prices added 0.1 percent.

On a yearly basis, food prices jumped 3.0 percent, accelerating from the 2.3 percent gain in the previous month.

Fruit and vegetable prices increased 5.7 percent on year, while meat, poultry, and fish prices increased 1.4 percent.

Grocery food prices increased 3.7 percent, while non-alcoholic beverage prices gained 1.0 percent and restaurant meals and ready-to-eat food prices climbed 2.2 percent.

Seasonally adjusted, food prices were up 0.5 percent on month.

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