Retail in Asia

In Markets

NZ food prices down 0.3pc in March

Food prices in New Zealand fell 0.3 percent in March 2014, but were up 1.2 percent on a year earlier, Statistics New Zealand reported on Friday. The monthly fall follows a 1.0 percent fall in February, and a 1.2 percent rise in January.

"In March, lower prices for a range of groceries, including snacks, biscuits, and cheese, were partly countered by higher prices for beef and vegetables," prices manager Chris Pike said.

The 1.6 percent fall for grocery food was influenced by price falls across most of the subgroup including confectionery, nuts, and snacks (down 3.5 percent); bread and cereals (down 1.8 percent); and milk, cheese, and eggs (down 0.6 percent).

Meat, poultry, and fish prices rose 0.9 percent, influenced by a 2.9 percent rise in beef prices. Beef prices are now 2.3 percent below their February 2012 peak.

Fruit and vegetable prices rose 0.5 percent in March. Higher prices for avocados, tomatoes, and strawberries were partly countered by seasonally lower prices for apples and kumara.