Prices Fell in June Quarter Amid COVID-19 Uncertainty | NZ Market Update

  • Jul 16, 2020 NZST
  • Team Kalkine

Jewellery company Michael Hill is flagging the possibility of more stores closures, although not in New Zealand. The company told the NZX on Thursday that it was ‘’constantly reassessing our global store network, and monitoring lower foot traffic, which in time could see further store closures’’. The chain has closed 11 underperforming stores during the June quarter, three in New Zealand, seven in Australia, and one in Canada. A spokesman said later that no further store closures in New Zealand were anticipated.

As per Stats NZ, the Consumers Price Index (CPI) fell 0.5 per cent in the June 2020 quarter due to cheaper petrol, hotel and motel prices during the global pandemic. It was first such fall in quarterly inflation since December 2015 when there was a 0.5 per cent drop in inflation. Prices Senior manager Aaron Beck said that the pandemic created a lot of volatility and uncertainty, which resulted in significant price fluctuations and various measurement challenges.

Government has announced that two Southland businesses shall get loans from the Provincial Growth Fund (PGF). It will boost the economic development of the region and boost production. Alliance Group Limited’s meat processing facility and Drysdale Hydroponics’ vegetable growing business shall receive up to NZD 5.3 million. Alliance Group Limited (AGL), a farmer-owned co-operative meat processing firm shall get NZD 2.8 million loans, which shall help with the conversion of its Lorneville venison processing plant to include beef processing. Drysdale Hydroponics shall get a loan of up to NZD 2.5 million for the expansion of its existing hydroponic vegetable growing operations to produce a range of hydroponically grown vegetables.



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