Sharechat Logo

Meat prices boost July food prices

Tuesday 13th August 2019

Text too small?

Rising chicken, lamb and beef prices helped push New Zealand’s food prices higher in July.

Food prices rose 1.1 percent from June and were 0.9 percent higher than in July last year, Stats NZ said.

Meat and poultry prices lifted 2.8 percent on the month after lifting 0.2 percent in June. Mutton, Lamb and hogget prices jumped 7.6 percent while poultry prices were up 4.5 percent.

Meat and poultry prices were up 5.8 percent from a year ago.

Lamb chop prices reached an all-time high in July, up 1.7 percent on the month, Stats NZ said. 

“There has been increased global demand for lamb and beef, following a shortage of pork in China due to African swine fever,” said consumer prices manager Sarah Johnson.

Vegetable prices rose 3.7 percent on the month but were down 17 percent from a year ago.

The food price index accounts for about a fifth of the consumers price index, which is one measure the Reserve Bank uses to pursue its inflation target when setting interest rates.

The central bank last week surprised markets when it cut rates by 50 basis points to a record low 1.0 percent as it looks to ensure inflation increases to the mid-point of the target range, and employment remains around its maximum sustainable level.

Inflation is currently 1.5 percent and the central bank's target is 1-3 percent with a focus on the midpoint. 

Separately, Stats NZ's new measure of rental price inflation remained steady in July.

It draws on Ministry of Business, Innovation and Employment tenancy bond data, replacing a quarterly survey of landlords and also feeds into the CPI.

The 'stock' measure shows rental price changes across the entire renting population, whereas the 'flow' measure only captures dwellings that have a new bond lodged against them.

The national stock rental price index for July rose 3.3 percent from the same month a year earlier, following an annual increase of 3.3 percent in June. It rose 0.3 percent in July from June.

On the flow basis, rental prices rose 3.7 percent on the year in July after lifting 3.9 percent in June.  It was down 0.7 percent on the month.

(BusinessDesk)



  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:

Refining NZ announces non-cash impairment
Ryman Healthcare COVID-19 update Victoria
Talisman Quarterly Activities Report to 30 June 2020
General Capital gives notice of Annual Meeting
Scales Corporation - Business Update
Fonterra Co-operative Group Global Dairy Update
Fonterra revises its 2019/20 and 2020/21 forecast Farmgate Milk Price ranges
Briscoe Group Limited Market update: 2nd Quarter Sales to 26 July 2020
thl market update - A frame work for 2021
Me Today - Outcome Of Share Purchase Plan Offer

IRG See IRG research reports