Cheaper spring produce helps food prices fall in October

Food prices fell by 0.6% in the month of October, spurred by seasonally adjusted falls in the price of tomatoes, lettuces and capsicums, and helped by a 0.5% drop in the cost of takeaway and restaurant meals.

The Statistics New Zealand Food Price Index showed a 0.3% rise to the 12 months to October.

During the October month, grocery prices somewhat offset the falls in fresh produce prices, which were down 5.5% from the month before.

Soft drinks, plain biscuits and sweets were among grocery items which gained significnatly in price, although discounting wars on chocolate biscuits saw their price fall.

"Lower food prices in October mainly reflected cheaper vegetables," prices manager Chris Pike says. "Tomato, lettuce, capsicum and broccoli prices all fell, as they usually do at this time of year", with tomatoes down 32% on a seasonally adjusted basis.

The 0.3% rise in food prices for the to October follows five consecutive annual decreases and showed the opposite trend to the monthly figures, with fresh produce and meals away from home among the contributors to the overall increase during the year.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6952 0.0000 0.00%
AUD 0.8901 0.0000 0.00%
EUR 0.5907 0.0000 0.00%
GBP 0.5276 0.0000 0.00%
HKD 5.4294 0.0000 0.00%
JPY 78.9230 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1278.6 -9.430 2017-10-20T00:
Oil Brent 57.8 0.550 2017-10-20T00:
Oil Nymex 51.9 0.580 2017-10-20T00:
Silver Index 17.0 -0.177 2017-10-20T00:

Indices

Symbol Open High Last %
NZX 50 8124.1 8142.3 8124.1 0.07%
NASDAQ 6633.4 6640.0 6605.1 0.36%
DAX 13057.8 13063.6 12990.1 0.01%
DJI 23205.2 23328.8 23163.0 0.71%
FTSE 7523.0 7560.0 7523.0 0.00%
HKSE 28360.0 28519.8 28159.1 1.17%
NI225 21391.0 21489.3 21448.5 0.04%
ASX 5896.1 5924.9 5896.1 0.17%