New Zealand Food Prices Fall 0.2% In November

(RTTNews) - Food prices in New Zealand eased 0.2 percent on month in November, Statistics New Zealand said on Friday, following the 1.2 percent decline in October.

Meat, poultry, and fish prices rose 1.6 percent, reflecting higher prices for all types of meat, especially chicken (up 4.4 percent).

Non-alcoholic beverage prices were also up, driven by higher prices for energy drinks.

"Prices fell for tomatoes, lettuce, and broccoli in November," consumer prices manager Matt Haigh said. "Vegetable prices were down 8.5 percent, although the fall was only 1.2 percent after adjusting for seasonal effects."

On a yearly basis, food prices also eased 0.2 percent.

Grocery food prices decreased 3.2 percent over the year, led by lower prices for dairy products, breads, and cereal. Grocery food prices are at their lowest level since 2010, having peaked in early 2012, the bureau said.

"Dairy prices were relatively stable in November, but are still driving annual grocery food prices down," Haigh said. "Sugar prices have also fallen during the year, with a 1.5 kilo bag of white sugar averaging $2.34 in November, compared with $2.61 a year ago, and a peak price of $3.19 in January 2012."

Fruit and vegetable prices increased 2.3 percent over the year, led by higher prices for avocados and potatoes. These increases were partly offset by lower prices for apples, tomatoes, and broccoli. Tomato prices averaged $2.84 per kilo in November compared with $3.47 a year ago.

Meat, poultry, and fish prices decreased 0.2 percent, while restaurant meals and ready-to-eat food prices increased by 1.9 percent.

Also on Friday, Business NZ said that the manufacturing sector in New Zealand continued to expand in November, and at a faster pace with a Performance of Manufacturing Index score of 54.7.

The December figure is up sharply from the reading of 53.3 in October.

It also moves further above the boom-or-bust line of 50 that separates expansion from contraction.