Big jump in food prices
Food prices rose 0.5% in May, up 7.4% on a year earlier, Statistics New Zealand said today.
Food prices rose 0.5% in May, up 7.4% on a year earlier, Statistics New Zealand said today.
That is the largest annual increase in food prices since an 8.4% jump in the year to July 2009.
However, the latest rise included a 2.2% increase in October 2010, when GST rose.
Fruit and vegetable prices increased the most in May, up 1.6% for the month.
Much of the rise was seasonable, with the price of cucumbers 74.7% higher, while lettuces cost 45.6%. Tomatoes were up 16.9%.
Grocery food prices fell 0.2% for the month, influenced by a drop of 5.9% in prices for cracker-type biscuits.
Meat, poultry, and fish prices rose 1.2% during May, with fresh chicken up 4.3% and bacon 5.7% more.
"Domestic retail meat prices have risen strongly over the past year, reflecting higher export prices for beef and lamb," Statistics New Zealand prices manager Chris Pike said.
Prices increased across all food subgroups in the year to May 2011, with grocery food, up 6.4%, making the most significant contribution to that rise.
Meat, poultry and fish rose 9.9%, fruit and vegetables were up 12.8%, restaurant meals and ready-to-eat food cost 4.2% more and non-alcoholic beverages were up 7%.
Vegetable prices rose 21.4% percent in the year to May, while the cost of beef, up 16.5%, and milk, up 9.3%, was also higher.
Colin Williscroft
Tue, 14 Jun 2011
Tue, 14 Jun 2011
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Big jump in food prices
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