Sharechat Logo

Food prices rise 0.5% in May

Tuesday 14th June 2011

Text too small?

Food prices rose 0.5% in May, with the fruit and vegetable subgroup rising for the first time since January, while porterhouse and sirloin steak was close to an all time high.

Coffee prices rose 5% in the month, and are up 15.9% over the year, to their highest ever recorded level.

For the year to May food prices were up 7.4% - including a 2.2% lift in October due to an increase in GST - the largest annual rise since the year to July 2009. Lettuce cost 130.2% more than a year ago, influenced by the timing of the usual winter price rise, and fresh milk was up 9.3%.

Porterhouse and sirloin beef steak rose 32.6% over the year, but that rise was influenced by discounting in May 2010, Statistics New Zealand (SNZ) said today.

Fruit prices were down 5.7% in May, and while they usually fall in May months, the decline last month was the biggest May monthly fall since 2008. Kiwifruit prices were down 61% and mandarins fell 41%.

Vegetable prices which often rise in May months were up 6.5% last month. Lettuce was up 45.6%, tomatoes gained 16.9%, and cucumber added 74.7%.

The meat, poultry, and fish subgroup rose 1.2% in May from April, with fresh chicken up 4.3%, and bacon up 5.7% to its highest level since February 2010. Porterhouse and sirloin beef steak rose 3.6% to be just 2.1% below the high recorded in March.

Sausage prices fell 4% in May, influenced by increased discounting, SNZ said.

For the year to May the meat, poultry and fish subgroup rose 9.9%, with beef up 16.5 percent, poultry up 11.3%, and lamb up 20.7%.

Fruit and vegetable prices were up 12.8% over the year, including a 28.9% gain in potato prices.

Other price rises in May included fruit juice up 4.1%, tea up 7%, and potato crisps up 5.8%, although margarine prices fell 6%.



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
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:

18th October 2021 Morning Report
T&G Global Limited (NZX: TGG) FY21 Earnings Guidance Update
Arvida Group Limited (NZX: ARV) Successful Completion of $155m Placement
FreshLeaf: Cannabis on course to be 'medicine of the masses'
Arvida Group Limited (NZX: ARV) to Acquire Arena Living Retirement Living Portfolio
My Food Bag Group Limited (NZX: MFB) Market Update and HY Results Announcement Date
Harmoney Corp Limited (NZX: HMY) Delivers Record September Quarter
Vital Healthcare Property Trust (NZX: VHP) Announces Successful Completion of $115m Placement
14th October 2021 Morning Report
General Capital Limited (NZX: GEN) Completes Greenfern Listing