Food prices fall in November

By NZPA

Wednesday 11th December 2002

New Zealand's Food Price Index fell 0.4 percent in November, well down on analysts' expectations of a 0.3 percent rise.

Year on year, prices for a basket of food were 1.2 percent higher than last November. Analysts expected a 1.8 percent rise.

Statistics New Zealand, which compiles the index, noted the November FPI compared favourably with October's rise of 0.5 percent.

The biggest fall was for fruit and vegetable prices, which tumbled 3.2 percent during November, followed by meat, fish and poultry at minus 1.4 percent.

Groceries were up 0.3 percent, due largely to an increase in the price of biscuits, bread and flour. Restaurant and takeaway meals also rose by 0.3 percent, mostly due to higher prices for ready-to-eat food.

The FPI makes up 17 percent of the Consumer Price Index, the main indicator for inflation.

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