NZ food prices follow seasonal patterns in November increase
Gocery items, which account for more than a third of food prices, rose 1%, with cheese up 7.9% on the month.
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New Zealand food prices rose slightly in November after adjusting for typical seasonal patterns.
Food prices rose 0.3% on the month on a seasonally adjusted basis, after a flat result in October and a 0.2% fall in September, Statistics New Zealand said. On an unadjusted basis, food prices inched down 0.1% on the month after seasonally lower prices for vegetables were mostly offset by higher prices for dairy, meat, and fruit.
Cheaper vegetables and more expensive fruit pushed produce prices down 4.3% on the month, while grocery items, which account for more than a third of food prices, rose 1%, with cheese up 7.9% on the month. Meat, poultry and fish prices increased 0.5%, while non-alcoholic beverage prices rose 0.7%.
The food price index accounts for about 19% of the consumers price index, which is the Reserve Bank's mandated inflation target when setting interest rates. Tuesday's data showed food prices rose 0.6% in the year through November, reflecting higher prices for vegetables, dairy, and ready-to-eat-food.
The CPI increased at a 0.4% annual pace in the September quarter, the eighth straight quarter below the Reserve Bank's 1-3% target band.
The consumers price index for the December quarter will be released on January 19 next year when the Reserve Bank expects it will have returned to within the target band.
(BusinessDesk)
Rebecca Howard
Tue, 20 Dec 2016
Tue, 20 Dec 2016
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NZ food prices follow seasonal patterns in November increase
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