Financial News: New Zealand Food Prices Rise 0.7% On Year

New Zealand Food Prices Rise 0.7% On Year In March

04/11/2024 - 18:52:00 (RTTNews)

(RTTNews) - Food prices in New Zealand were up 0.7 percent on year in March, Statistics New Zealand said on Friday - slowing from 2.1 percent in February.

The smaller annual increase was due to cheaper prices for fruit and vegetables, down 13.3 percent in the 12 months to March 2024.

Prices for alcoholic beverages were up 5.2 percent in March 2024 compared with March 2023, mostly driven by higher prices for beer, up 7.1 percent.

On a monthly basis, food prices fell 0.5 percent.

The biggest contributor to the monthly fall was the fruit and vegetables group, driven by cheaper prices for kumara, apples, and grapes. The meat, poultry, and fish group also contributed to lower food prices, driven by cheaper prices for lamb, beef steaks, and bacon.

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