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Financial News: New Zealand June Food Prices Slide 0.7% On

New Zealand June Food Prices Slide 0.7% On Month

07/09/2019 - 19:45:00 (RTTNews)

(RTTNews) - Food prices in New Zealand dropped 0.7 percent on month in June, Statistics New Zealand said on Wednesday - both seasonally adjusted and unadjusted.

That follows the 0.7 percent monthly increase in May.

The fall was driven by lower prices for cakes and biscuits, the bureau said.

"A number of specials on biscuits sent June prices crumbling," consumer prices manager Gael Price said. "In particular, plain biscuits, such as arrowroot, ginger, malt, and wine, fell 14 percent to NZ$1.92 per 250 grams."

Overall, cake and biscuit prices fell 3.7 percent in June and 1.7 percent on year.

Individually, fruit and vegetable prices fell 2.1 percent on month (down 7.1 percent after seasonal adjustment); meat, poultry, and fish prices fell 0.1 percent; grocery food prices fell 0.7 percent (down 0.5 percent after seasonal adjustment); non-alcoholic beverage prices fell 1.6 percent; and restaurant meals and ready-to-eat food prices rose 0.5 percent.

On a yearly basis, food prices fell 0.5 percent.

Fruit and vegetable prices decreased 8.8 percent; meat, poultry, and fish prices increased 2.8 percent; grocery food prices increased 1.8 percent; non-alcoholic beverage prices decreased 0.8 percent; and restaurant meals and ready-to-eat food prices increased 3.4 percent.

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