New Zealand Food Costs Advance 0.7% In July

By | August 13, 2018

Food costs in New Zealand were up 0.7 percent on month in July, Stats New Zealand said on Monday – up from 0.5 percent in June.

Individually, fruit and vegetable prices rose 2.4 percent, while fish, poultry, and meat prices increased 0.1 percent, grocery food rates rose 0.3 percent, non-alcoholic beverage rates increased 1.8 percent and dining establishment meals and ready-to-eat food prices increased 0.4 percent.

“Lettuce rates are now at their highest considering that the series started, and 2.5 percent greater than their previous peak in Might 2017,” customer rates manager Geraldine Duoba said. “July was particularly cold and damp in the North Island where a great deal of our lettuce is grown.”

On a yearly basis, food costs leapt 1.1 percent after rising just 0.2 percent in the previous month.

Individually, fruit and vegetable prices reduced 1.4 percent, while poultry, fish, and meat prices increased 0.3 percent, grocery food costs were flat, non-alcoholic beverage prices increased 4.0 percent and restaurant meals and ready-to-eat food rates increased 3.2 percent.

“Large seasonal changes in vegetables and fruit rates have the tendency to lead regular monthly food rate movements,” Duoba stated. “But cost increases for dining establishment meals and ready-to-eat food have actually corresponded and led annual food price inflation this year.”

After seasonal change, food costs increased 0.6 percent.

Likewise on Monday, BusinessNZ stated that the services sector in New Zealand got steam in July with a PMI score of 55.1.

That’s up from the downwardly modified reading of 52.7 in June (originally 52.8), and it moves further above the boom-or-bust line of 50 that separates expansion from contraction.

The material has been offered by InstaForex Company – www.instaforex.com

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