New Zealand November Food Prices Fall 0.5%

(RTTNews) - Food prices in New Zealand dipped 0.5 percent on month in November, Statistics New Zealand said on Thursday - following the flat reading in October and the 0.8 percent decline in September.

"Seasonally lower vegetable prices and lower prices for bread, cheese, and chocolate contributed to the latest fall," prices manager Chris Pike said.

Fruit and vegetable prices fell 3.0 percent. Lower prices for tomatoes, strawberries, and courgettes were partly offset by higher prices for potatoes, apples, nectarines, and carrots. Tomato prices fell to NZ$3.47 per kilo, their lowest November price for 12 years.

Grocery food prices fell 0.3 percent, with lower prices for confectionery, nuts, and snacks (down 1.4 percent), bread (down 3.3 percent), and cheese (down 4.2 percent). These were partly offset by higher prices for sauces and canned meals.

Meat, poultry, and fish prices fell 0.3 percent, with lower prices for fresh fish being countered by higher prices for beef (up 1.9 percent) and processed meats (up 1.0 percent).

On a yearly basis, food prices added 0.6 percent following the 0.9 percent increase in the previous month.

Meat, poultry, and fish prices were up 3.0 percent, influenced by higher beef and chicken prices. Beef prices are now at their highest level, reflecting higher export prices.

Fruit and vegetable prices increased 0.7 percent. Higher prices for lettuce, potatoes, apples, and carrots were partly offset by lower prices for tomatoes, kumara, and avocados.

Grocery food prices decreased 0.8 percent, with lower bread and yoghurt prices being the main influence. Supermarkets discounting some own-brand bread contributed to lower bread prices in recent months.

Fresh milk prices were up 7.6 percent on a year ago. Non-alcoholic beverage prices decreased 0.8 percent, with lower prices for soft drinks.