Food up 0.2% in April as tomato prices soar 67%
Prices increase for the first time in three months, led by fruit and vegetables.
New Zealand food prices rose for the first time in three months, led by fruit and vegetables as tomato prices soared 67 percent.
Prices rose 0.2 percent in April from March, to be 0.1 percent lower than in the same month of 2012, according to Statistics New Zealand
Food prices make up about 19 percent of the consumer price index, which rose 0.4 percent in the first quarter, for a relatively tame annual gain of 0.9 percent. That is short of the Reserve Bank's target of 1 percent to 3 percent on average.
The jump in prices of tomatoes made up for weaker cost of lettuce and broccoli, both down about 14 percent in the latest month, and a 24 percent decline for kiwifruit. Cabbage prices dropped 16 percent. Vegetable prices rose 2 percent compared to April 2012.
Prices for meat, poultry and fish were broadly unchanged in the month, to be 1.1 percent lower in the year.
Grocery food prices rose 0.2 percent in the month and fell 1.8 percent in the year, while non-alcoholic drinks rose 0.3 percent in April from March, gained 2.5 percent from April 2012.
Restaurant and takeaway food prices were unchanged in the latest month and rose 1.2 percent from a year earlier.
(BusinessDesk)
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Food up 0.2% in April as tomato prices soar 67%
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