Sharechat Logo

NZ food prices follow seasonal patterns in November increase

Tuesday 20th December 2016

Text too small?

New Zealand food prices rose slightly in November after adjusting for typical seasonal patterns.

Food prices rose 0.3 percent on the month on a seasonally adjusted basis, after a flat result in October and a 0.2 percent fall in September, Statistics New Zealand. On an unadjusted basis, food prices inched down 0.1 percent on the month after seasonally lower prices for vegetables were mostly offset by higher prices for dairy, meat, and fruit.

Cheaper vegetables and more expensive fruit pushed produce prices down 4.3 percent on the month, while grocery items, which account for more than a third of food prices, rose 1 percent, with cheese up 7.9 percent on the month. Meat, poultry and fish prices increased 0.5 percent, while non-alcoholic beverage prices rose 0.7 percent. 

The food price index accounts for about 19 percent of the consumers price index, which is the Reserve Bank's mandated inflation target when setting interest rates. Tuesday’s data showed food prices rose 0.6 percent in the year through November, reflecting higher prices for vegetables, dairy, and ready-to-eat-food. 

The CPI increased at a 0.4 percent annual pace in the September quarter, the eighth straight quarter below the Reserve Bank's 1-to-3 percent target band. 

The consumers price index for the December quarter will be released on Jan. 19 next year, when the Reserve Bank expects it will have returned back within the target band. 

 

BusinessDesk.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report