News | Business
24 Nov 2017 0:09
NZCity News
NZCity CalculatorReturn to NZCity

  • Start Page
  • Personalise
  • News
  • Sport
  • Weather
  • Olympic Games
  • Shopping
  • Jobs
  • Horoscopes
  • Lotto Results
  • Photo Gallery
  • Site Gallery
  • TVNow
  • Dating
  • SearchNZ
  • NZSearch
  • Crime.co.nz
  • RugbyLeague
  • Make Home
  • About NZCity
  • Contact NZCity
  • Your Privacy
  • Advertising
  • Login
  • Join for Free

  •   Home > News > Business

    Food prices rise, butter hits record high

    New Zealand food prices rose in August, with fruit and vegetables, meat, and groceries such as butter more expensive than a year earlier.

    13 September 2017

    New Zealand food prices rose in August, with fruit and vegetables, meat, and groceries such as butter more expensive than a year earlier.

    Butter prices hit a record high of $5.39 per block, up 11 per cent in the month and 62 per cent from a year earlier.

    The food price index advanced 0.2 per cent on a seasonally adjusted basis in the month, and gained 2.3 per cent for the year to August, Statistics New Zealand said.

    Fruit and vegetables cost 5.5 per cent more than a year earlier, while meat, poultry and fish prices rose 0.6 per cent and grocery food prices increased 2.8 per cent.

    The annual butter price increase is the largest in percentage terms since 2010, Stats NZ said. Chocolate prices also rose 3.4 per cent in the month.

    "We have seen butter prices rising lately due to New Zealand's export driven market," consumers price index manager Matthew Haigh said.

    "Butter prices have experienced all-time highs in the global market, and this also drives the price here at home."

    Food prices account for about 19 per cent of the consumers price index, which is the Reserve Bank's mandated inflation target when setting interest rates.

    Vegetable prices increased 8.7 per cent on an annual basis, driven by higher prices for kumara, potatoes and cucumbers, and were up 5.4 per cent in the month. Fruit prices rose 0.3 per cent annually, but dropped 0.5 per cent in the month, as avocados and strawberries became cheaper in August.

    The price of chicken rose 3.3 per cent in the year to August 2017, but dropped 2.4 per cent in the month, while beef fell 2.6 per cent annually and was down 2.5 per cent on a monthly basis and pork dropped 8.6 per cent in the year.


    NZN




    © 2017 NZN, NZCity


     Other Business News
     23 Nov: NZ shares fall, led by A2, Kathmandu
     23 Nov: Cullen to lead tax working group
     23 Nov: Stride makes great strides in 1H profit
     23 Nov: Kiwi up as Fed frets over inflation
     22 Nov: West Coast coal mine gets council consent
     22 Nov: Annual migration lifts in October
     22 Nov: Lord King, former Bank of England governor, says global banking system 'not safe'
     Top Stories

    RUGBY RUGBY
    All Blacks toils will reap reward: Hansen More...


    BUSINESS BUSINESS
    NZ shares fall, led by A2, Kathmandu More...



     Today's News

    Basketball:
    South Korea edge Tall Blacks in qualifier 22:17

    Entertainment:
    Jennie Garth and her husband, Dave Abrams, are taking time apart 21:50

    Entertainment:
    David Cassidy has passed away aged 67 21:20

    Law and Order:
    Woman arrested over Hamilton fire 21:17

    Golf:
    Sydney young gun leads Australian Open 21:07

    International:
    Rohingya crisis: Push for contraception, even sterilisation, as Bangladesh struggles with refugee influx 21:07

    Entertainment:
    Nick Carter has been accused of sexually abusing former singer Melissa Schuman 20:50

    Entertainment:
    Janet Jackson has rebuilt her relationship with her ex Jermaine Dupri 20:20

    Entertainment:
    Katie Price has been left shocked and heartbroken after one of her horses was killed in a car accident 19:50

    Entertainment:
    Julia Stiles has given birth 19:20


     News Search






    Power Search


    © 2017 New Zealand City Ltd