New Zealand records 0.3% rise in food prices in August

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New Zealand records 0.3% rise in food prices in August

 New Zealand records 0.3% rise in food prices in August
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Highlights

  • 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.

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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.

Bottom Line

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.

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