Sharechat Logo

February food prices up 1.7% on year as meat, poultry and fish prices rise

Wednesday 13th March 2019

Text too small?

Food prices rose 1.7 percent on the year in February, driven by a lift in meat, poultry, and fish prices and restaurant and ready-to-eat food.

Meat, poultry and fish prices rose 3.5 percent on the year while restaurant meals and ready-to-eat food prices lifted 2.9 percent, Stats NZ said. Fruit and vegetable prices were down 0.6 percent on the year while grocery food prices lifted 0.8 percent and non-alcoholic beverages were up 2.7 percent. 

The 1.7 percent annual rise was the largest since last April when food prices lifted 2.3 percent on the year. They were up 0.8 percent on the year in January. 

Food prices were up 0.4 percent from January, but after seasonal adjustment rose 0.7 percent. The monthly rise was largely due to a 4.1 percent lift in soft drinks, water, and juices.

Soft drink prices rose 8.4 percent, reaching $2.70 per 1.5 litre bottle, Stats NZ said. 

The lift was partly offset by a 10 percent drop in butter prices to a 19-month low. 

“In January we saw milk prices fall to a 19-month low. This price fall now looks to be flowing on to other dairy products,” consumer prices manager Gael Price said. February prices fell 4.1 percent for cheese, 6.7 percent for yoghurt and 0.2 percent for milk. 

Global dairy trade auction prices fell between June and November 2018. These were reflected in lower dairy export prices in the December 2018 quarter. Prices, however, have since picked up. 

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.

(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:

Kiwi Property lifts annual profit 15% as valuations rise
Scales signals earnings growth from reshaped business
Steel & Tube cuts earnings outlook on margin squeeze, inventory restatement
Bankers' Assn says RBNZ bank capital proposals would hurt the economy
20th May 2019 Morning Report
NZD slightly weaker against Aussie after Liberals' surprise victory
Northland rail upgrade a strategic, not commercial investment - Aecom
Fed speechs, Australian election outcome to impact NZ markets
Infratil confident of Vodafone clearance; keen to keep Trustpower
MARKET CLOSE: NZ shares rise; trading quiet ahead of upcoming earnings

IRG See IRG research reports