New Zealand food prices fall 2%

12:09, July 13, 2010      

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Food prices fell 2.0 percent for the year to June 2010 despite rising 1.3 percent in the June month, Statistics New Zealand said on Tuesday.

Statistics New Zealand said the 2.0 percent fall was the largest annual decrease in food prices since 1957 and followed a 17 percent rise in the cost of food for the two years to July 2009.

Three subgroups contributed to the 2.0 percent annual fall in food prices, particularly fruit and vegetables (down 9.2 percent). Poultry and fish was down 3.9 percent, and grocery food was down 1. 4 percent.

It was the first annual fall in the grocery food subgroup since August 2004, and the largest annual fall since the series began in June 1999, SNZ said.

But food prices edged up again in the June calendar month by 1. 3 percent, following decreases of 0.7 percent and 0.5 percent in May and April respectively.

The rise was led by an increase in the cost of vegetables which rose 15.9 percent from May - as winter weather affected growing conditions.



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