Food costs in New Zealand were up 0.7 percent on month in July, Statistics New Zealand said on Monday – up from 0.5 percent in June.
Individually, fruit and vegetable rates rose 2.4 percent, while meat, poultry, and fish costs rose 0.1 percent, grocery food prices increased 0.3 percent, non-alcoholic beverage rates rose 1.8 percent and restaurant meals and ready-to-eat food costs rose 0.4 percent.
“Lettuce costs are now at their greatest given that the series began, and 2.5 percent higher than their previous peak in Might 2017,” customer costs manager Geraldine Duoba said. “July was wet and particularly cold in the North Island where a lot of our lettuce is grown.”
On a yearly basis, food rates jumped 1.1 percent after increasing just 0.2 percent in the previous month.
Separately, fruit and vegetable prices reduced 1.4 percent, while meat, poultry, and fish rates 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 costs increased 3.2 percent.
“Big seasonal changes in fruit and vegetable rates tend to lead month-to-month food price motions,” Duoba stated. “However cost boosts for restaurant meals and ready-to-eat food have been consistent and led yearly food price inflation this year.”
After seasonal modification, food costs rose 0.6 percent.
On Monday, BusinessNZ stated that the services sector in New Zealand picked up steam in July with a PMI rating of 55.1.
That’s up from the downwardly revised 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.
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