Higher prices for poultry and apples were the main cause of a 1.4 per cent rise in food prices in January, Statistics New Zealand (SNZ) says.
The monthly rise is the largest since a 1.5 per cent increase in January 2002 and, even though it comes after a
0.5 per cent decline in December, is another pointer to an imminent interest rate rise by the Reserve Bank.
Figures out today showed poultry prices rising 7.6 per cent and apples up 18.2 per cent last month from December.
The fruit and vegetables subgroup rose 3.6 per cent, pushed up by the rise in apple prices and a 53.1 per cent increase in kiwifruit. Price drops included nectarines down 25.2 per cent and tomatoes down 11.4 per cent.
Grocery food prices were up 1.1 per cent, with chocolate (up 4.3 per cent) and potato crisps (up 5.4 per cent) making the largest contributions to the subgroup rise.
Prices for the non-alcoholic beverages subgroup were up 3.7 per cent, driven by higher prices for soft drinks (up 3.3 per cent) and fruit juice (up 7.8 per cent).
For the year to January the rise in food prices was 3.4 per cent, with prices rising for all subgroups.
The fruit and vegetables subgroup was up 13.7 per cent, restaurant meals and ready-to-eat food rose 3.2 per cent, meat, poultry and fish lifted 2.4 per cent, grocery food was up 1 per cent, and non-alcoholic beverages 2.5 per cent.
- NZPA
