New Zealand food price index up by 0.1 percent for August

By NZPA

Wednesday 11th September 2002

New Zealand's Food Price Index was up 0.1 percent in August compared with the previous month, Statistics New Zealand said today.

The monthly increase, and a rise of 3.0 percent compared with August 2001, was in line with expectations of economists polled by Reuters.

The index's movement last month was smaller than the 0.6 percent rise in July, which gave a 3.3 percent rise in food prices for the July year.

Price increases were recorded for grocery foods; fruit and vegetables; and restaurant meals and ready-to-eat food.

Partly offsetting those price rises were lower prices for meat, fish and poultry, Statistics NZ said in a statement.

A 0.2 percent rise in grocery food, soft drink and confectionery in August made the most significant upward contribution to the overall change in food prices.

"Significant upward contributions in August 2002 came from higher prices for frozen and chilled meat pies (up 15.4 percent), cracker biscuits (up 7.4 percent) and instant coffee (up 5.8 percent)."

Fruit and vegetable prices rose 0.7 percent in August 2002.

After adjusting for normal seasonal change, significant upward contributions came from higher prices for lettuces (up 71.5 percent) and apples (up 6.8 percent).

Zucchini prices fell significantly -- down 26.8 percent -- and tomatoes were 6.1 percent cheaper.

Restaurant meals and ready-to-eat food prices rose 0.1 percent in August, following an increase of 0.2 percent in July 2002.

Meat, fish and poultry prices were down 0.6 percent in August.

Partly offsetting those falls were higher prices for smallgoods and prepared meats (up 2.8 percent) and steak (up 3.9 percent).

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