Fruit and vegs lead food prices down in New Zealand

Food prices fell 0.3 percent last month from October, with fruit and vegetable prices down 2 percent. Publishing the data today, Statistics New Zealand (SNZ) said the food price rise in the year to November of 0.9 percent was the smallest annual increase in four years. During the month of November the most significant price declines included a 33 percent fall in tomato prices, a 51.5 percent fall in broccoli prices, and a 8.7 percent fall in minced beef prices. Main price rises last month included nectarines doubling, bacon up 5.8 percent and carrots up 21.7 percent. As well as the monthly fall in the fruit and vegetables subgroup, non-alcoholic beverages were down 0.8 percent, and grocery food was down 0.2 percent. Prices in the meat, poultry and fish subgroup were up 0.1 percent, while the restaurant meals and ready-to-eat food subgroup gained 0.6 percent.

For the year potatoes fell 31.9 percent, cheddar cheese fell 21.5 percent, and apples were down 22.9 percent, but soft drinks gained 9.6 percent, prepared meats and smallgoods lifted 7.4 percent, and bread was up 4.7 percent. In the subgroups, non-alcoholic beverages were up 6.9 percent for the year, restaurant meals and ready-to-eat food was up 3 percent, grocery food was up 1.5 percent, and meat, poultry and fish lifted 1 percent, while fruit and vegetables fell 7.6 percent. SNZ said that while food prices were only 0.9 percent higher than a year ago, they were 11.4 percent up on two years ago.