New Zealand food prices increased 0.5% in May 2006, Statistics New Zealand said this week. Price increases were recorded for the fruit and vegetables and restaurant meals and ready-to-eat food subgroups. The grocery food, soft drinks and confectionery subgroup recorded no overall change, while prices for the meat, fish and poultry subgroup decreased in May.
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The fruit and vegetables subgroup was the most significant factor in the rise in monthly food prices, increasing 4.3% in May. This movement was due to a large increase in prices for fresh vegetables (up 10.7%), though this was partly offset by a 2.5% decrease in prices for fresh fruit.
This is the largest increase in prices for fresh vegetables since an 11% increase in July 2002. The main contributions to this increase came from higher prices for tomatoes (up 37%) and lettuce (up 39.7%).
Although fresh fruit prices fell, with lower prices for bananas (down 12.6%) and citrus fruit (down 13.9%) the major contributors, apple prices rose significantly, recording a 16.7% increase.
For the year to May 2006, food prices increased 1.8%. Prices increased for the grocery food, soft drinks and confectionery (up 1.3 %); restaurant meals and ready-to-eat food (up 2.8 %); meat, fish and poultry (up 1.4 %); and fruit and vegetables (up 2.0 %) subgroups.
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By GlobalData
