- Food prices rose for the fifth month consecutively in August at 0.3% compared to July.
- The rise was due to higher meat, poultry, fish, restaurant meals, and ready-to-eat food prices.
The latest figures released by Stats NZ on Monday revealed that food prices increased 0.3% in August compared to a month prior, rising for the fifth month consecutively. Food prices rose 2.4% annually in the month.
In August, an increase of 1.3% in meat, poultry, and fish prices was one of the major influencers of higher food prices. This was in turn due to an 11% rise in roasting pork, a 5.5% rise in sausages, a 5.4% rise in lamb chops, and a 2.3% increase in porterhouse and sirloin steak. Reduced prices somewhat compensated this for chicken pieces.
Source: Copyright © 2021 Kalkine Media
A rise of 0.4% in restaurant meals and ready-to-eat food prices was another main influencer of increased food prices for the month. It was affected by increased prices for some takeaway food.
Tomato and grape prices also witnessed a sharp rise. Fruits and vegetables witnessed a rise of 0.4% in August due to a 16% rise in tomato prices and a 32% rise in grapes. After seasonal adjustments, fruits and vegetable prices had seen a drop of 0.2% in the month.
Consumer prices manager Katrina Dewbery stated that tomato prices had tipped at NZ$13.65 in August last year while grape prices topped at $10.61 in November last year.
Market reports suggest that price rise remains dependent on the extent of supply chain disruptions and capacity constraints in the economy that can push prices higher.