New Zealand Food Prices Climb 0.3% In October

(RTTNews) - Food prices in New Zealand advanced a seasonally adjusted 0.3 percent on month in October, Statistics New Zealand said on Tuesday.

Individually, fruit and vegetable prices added 0.2 percent on month, while meat, poultry, and fish prices rose 2.4 percent, grocery food prices fell 0.3 percent, non-alcoholic beverage prices fell 0.3 percent and restaurant meals and ready-to-eat food prices rose 0.1 percent.

Lamb chop prices were up 7.7 percent from September, reaching a record NZ$17.12 a kilogram, while the cost of sausages was also up, by 4.9 percent to NZ$10.30 a kilo.

"With summer approaching, these price rises will make meat for the barbecue more expensive," consumer prices manager Geraldine Duoba said.

However, the price of sirloin and porterhouse steak was down slightly from its recent high in September 2018, to NZ$30.72 per kilogram.

The price increases in meat follow falls in the New Zealand dollar and strong demand for exports of New Zealand meat, especially lamb.

These increases contributed to a 2.5 percent rise in the price of meat and poultry in October. This is the biggest monthly increase since January 2016.

Vegetable prices fell 8.7 percent in October, after an 8.7 percent fall in September.

"Tomatoes, courgettes and lettuces all had seasonal price falls this month," Duoba said. "These prices usually keep falling as we head towards summer."

Tomato prices fell 22 percent to NZ$6.90 a kg, while lettuce dropped 30 percent to NZ$1.28 per 500g head.

The fall in courgette prices follows a large increase in September, when supplies were limited. This was when imports of courgettes, and some other fruit and vegetables, were temporarily suspended for biosecurity reasons. New-season supplies of local courgettes came on to the market in October, bringing the price down again. However, courgette prices were still 15 percent higher than they were in October 2017.

On a yearly basis, food prices climbed 0.6 percent.

Individually, fruit and vegetable prices fell 5.6 percent, while meat, poultry, and fish prices climbed 2.6 percent, grocery food prices added 0.6 percent, non-alcoholic beverage prices increased 1.0 percent and restaurant meals and ready-to-eat food prices advanced 2.9 percent.

Unadjusted, food prices fell 0.6 percent on month.