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Financial News: New Zealand Food Prices Fall In October

New Zealand Food Prices Fall In October

11/13/2019 - 06:40:00 (RTTNews)

(RTTNews) - New Zealand food prices fell for the first time in four months in October, mainly due to lower prices for fruit and vegetables, data from Statistics New Zealand showed on Wednesday.

Food prices fell 0.3 percent month-on-month in October, after remaining unchanged in September. This was the first and biggest fall since June, when prices decreased 0.7 percent.

After seasonal adjustment, food prices gained 0.6 percent in October.

Prices for fruit and vegetable dropped 4.7 percent in October, while meat, poultry, and fish prices rose 1.3 percent.

Separately, the statistical office reported that the average price of avocado hit its lowest level since February 2017.

Prices for grocery food rose 0.1 percent and those of non-alcoholic beverages, and restaurant meals and ready-to-eat food prices grew by 0.5 percent and 0.2 percent, respectively.

On a yearly basis, food prices gained 2.5 percent in October, following a 2.2 percent increase in the previous month. This was the biggest gain since October 2017.

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