New Zealand Dollar back to 73 US cents

The Kiwi Dollar reached another milestone on Monday; back to a US 73 cents big figure for the first time since the General Election back in late September. Since the start of 2018, NZD/USD is up over 2 cents to a high of 0.7313, whilst measured from the November 8th low, the gain is over 5 cents.

As seen in an fxstreet.com article, Statistics New Zealand yesterday published its monthly gauge of food prices. These are closely watched because, as in Australia, New Zealand only calculates CPI inflation on a quarterly basis and food makes up almost a fifth of consumer prices index.
 
According to the official statisticians, total food prices were down 0.8% m/m in December – the fourth consecutive monthly drop - as all store-bought food groups fell during the month. 

Grocery food and seasonally cheaper fruit and vegetables were the main factors in the dip in food costs. Tomatoes and nectarines were also cheaper, but avocado prices remain almost twice as expensive as they were a year ago.


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