NZ food prices fall 0.5 percent in August, led by cheaper meat and groceries
New Zealand food prices fell in August, the first drop in five months, with cheaper meat, poultry and fish, and grocery items leading the way.
The food price index fell 0.5 percent in August, turning around a 0.5 percent gain in July, according to Statistics New Zealand. Food prices are up 0.3 percent from August 2012, a slower annual pace than the 0.9 percent in July. More expensive vegetables have underpinned the annual lift.
The monthly decline was led by a 1.7 percent fall in meat, poultry and fish prices, primarily from cheaper beef and pork. Grocery food prices fell 0.8 percent, with cheaper bread and cereals, and confectionery, nuts and snacks.
Food prices account for about 19 percent of the Consumers Price Index, which showed an annual pace of inflation of 0.7 percent in the June quarter, the slowest pace since 1999.