Monday 16th April 2018
|Text too small?|
New Zealand food prices rose 1 percent in March from February as wet weather pushed up vegetable prices 11 percent.
Statistics NZ said that after adjusting for typical seasonal changes, vegetable prices increased 9.5 percent in the month due to sharp rises in tomato, lettuce, cauliflower, cabbage and broccoli prices.
“Vegetable crops have been affected by a run of storms in recent weeks – lower supply due to bad weather usually means higher prices,” Statistics NZ consumer prices manager Matthew Haigh said. “In February, we saw rising prices for lettuce, broccoli, and cauliflower, due to a combination of humid weather and Cyclone Gita. As expected, that wet weather has affected vegetable prices in March too.”
Tomatoes rose more than 60 percent in March to $4.65 a kilo. In March last year, tomatoes were 83 cents cheaper at $3.82 a kilo.
Lettuce prices were up 20 percent in March to $2.94 per 500 gram head, while cauliflower rose 85 percent to $8.35 a kilo.
Cabbage prices rose by more than $1 a kilo in March to $3.18 a kilo (up 50 percent). Broccoli also increased more than $1 a kilo to $8.35 a kilo (up 20 percent).
However, as usual for the time of year, apple prices fell – down 16 percent to $2.70 a kilo. Fruit prices rose 0.2 percent in March.
Overall, food prices were 1.4 percent higher in March this year than March last year, the statistics agency said. Vegetable prices were up 8.8 percent over the year, while mutton, lamb and hogget prices jumped 14.1 percent. Prices for fish and other seafood were up 6.7 percent, while oils and fats increased 12.2 percent. Meanwhile, pork prices dropped 7.7 percent, cakes and biscuits fell 4.5 percent and breakfast cereal prices slid 3.4 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.
No comments yet
MARKET CLOSE: NZ shares fall as MSCI changes debated, Mercury falls, Fletcher gains
NZ dollar heads for 1.6% weekly fall as greenback finds favour on rate hike view
FMA keeping close tabs on Australian Royal Commission as AMP chief Meller departs
NZ's R&D tax incentive plan viewed as positive by business
SkyCity wants at least A$200M for Darwin casino; private consortium most likely buyer: report
Syft sales jump more than 50%, profit growth misses target on production costs
Fletcher shares gain after shortfall bookbuild cleared at premium to offer price
T&G Global to sell Kerikeri assets to Seeka in deal worth about $40m
USX: Syft Technologies update to shareholders
NZX first-quarter revenue edges up with busier secondary market