Food prices flat in August

Food prices flat in August

Food prices (down 0.1 percent) were flat in the August 2010 month, Statistics New Zealand said today. This follows increases of 1.6 percent and 1.3 percent for July and June, respectively. "Lower prices in August for fruit and vegetables were offset by higher grocery food, poultry, and nonalcoholic beverage prices,” Statistics New Zealand’s prices manager Chris Pike said.

The fruit and vegetables subgroup fell 3.7 percent in August 2010. Vegetable prices typically fall in August following strong seasonal increases in the June and July winter months. Lower vegetable prices (down 5.8 percent) accounted for nearly all of the 3.7 percent fall in the fruit and vegetables subgroup in August, while fruit prices decreased 0.2 percent. The most significant downward contribution came from tomatoes (down 17.9 percent). Cucumber, nectarine, and potato prices also fell.

The grocery food subgroup rose 0.6 percent in August, with yoghurt prices (up 5.2 percent) reaching a new peak, following a 7.0 percent increase in July. The meat, poultry, and fish subgroup rose 0.8 percent in August, with fresh chicken prices increasing 9.1 percent.

Food prices fell 0.2 percent for the year to August. This is the fourth consecutive month of annual falls in food prices, which has not occurred since May 2000.

In the year to August 2010, fruit and vegetable prices fell 4.7 percent, while meat, poultry, and fish prices fell 1.6 percent. These falls were partly offset by prices rises for grocery food (up 1.2 percent) and restaurant meals and ready-to-eat food (up 1.8 percent).

View the full report here.

ENDS

© Scoop Media