Food prices down

Stats NZ reports:

Food prices fell 0.8 percent in September 2014, Statistics New Zealand said today. This fall follows a 0.3 percent rise in August and a 0.7 percent fall in July.

“Lower food prices in September came from seasonally cheaper vegetables, partly countered by a rise in meat prices,” prices manager Chris Pike said.

Fruit and vegetable prices fell 6.5 percent. Lower vegetable prices (down 11 percent) were the most significant contributor to the monthly fall in food prices, with price falls for lettuce, tomatoes, cucumber, and capsicums. …

Food prices decreased 0.1 percent in the year to September 2014, following a 0.7 percent increase in the year to August 2014.

In the year to September 2014, grocery food prices decreased 1.6 percent, influenced by lower bread prices (down 14 percent).

Food prices don’t have a lot to do with the Government, more the market. But it is good to reflect that it has been several years since we have had serious food inflation.

In the last three years food prices have only increased 0.8%. This compares with a 18.1% increase from 2005 to 2008.

A remarkable difference.

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