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.