New Zealand food prices fall 0.5 percent

Source: Xinhua | 2018-09-14

New Zealand food prices fell 0.5 percent in August, down 0.8 percent after seasonal adjustment, the country's statistics department Stats NZ said on Thursday.

Fruit and vegetable prices fell 2.1 percent in the month, influenced by lower prices for lettuce, broccoli, and cucumber. Grocery food prices, however, rose 0.5 percent, influenced by higher prices for snack foods, butter, and eggs, Stats NZ said.

Broccoli prices fell 27 percent in August 2018, and 32 percent for the year, it said, adding these price decreases contributed strongly to the overall fall of monthly and annual food prices.

Food prices decreased 0.1 percent in the year to August 2018. Fruit and vegetable prices fell 6.5 percent, reflecting lower broccoli, potato, and cucumber prices, prices manager Geraldine Duoba said in a statement.

This fall more than offset a 2.9 percent increase in restaurant meals and ready-to-eat food prices, which have shown higher than average inflation after the minimum wage increase in April this year, Duoba said.